Tata Chem Q1 net jumps 61% at Rs 94 cr

Tata Group company, Tata Chemicals, has posted a 60.80 per cent increase in its standalone net profit at Rs 94.40 crore in Q1FY10 as against Rs 58.70 crore in the year-ago period.     

The company's revenues during this period went up by 19.40 per cent at Rs 1,441 crore as against Rs 1,207 crore in Q1FY09.     

However, the company's consolidated profit after tax declined to Rs 106 crore as against Rs 107 crore in the same quarter of the previous fiscal.     

"The consolidated Q1 net profit is not comparable with that in the same period of previous year, due to the one-time provisioning of Rs 63 crore (net of tax) made towards the restructuring operations in line with GAPP," Tata Chemicals's Executive Director and Chief Financial Officer, P K Ghose, told reporters here.     

The company made a repayment of Rs 440 crore towards debt in the quarter. Total cash on the balance-sheet stood at Rs 1,253 crore as on the quarter ended June 30, which included value of fertiliser bonds worth Rs 361 crore as well as the market value of liquid mutual funds investments of Rs 329 crore.     

Ghose said that strong revenue and profitability performance on the back of improving demand and active cost management was one of the highlights of the quarter.