Tata Chemicals net falls 20% to Rs 223 crore
Tata Chemicals posted a 19.76 per cent drop in consolidated net profit at Rs 222.83 crore during the second quarter, while income fell 53.24 per cent to Rs 2,241.79 crore. Operational profit fell 59 per cent to Rs 296.75 crore.
The company said the current quarter figures were not comparable with that of the corresponding period in the previous financial year due to various reasons, including differences in an exchange loss arising out of restatement of long-term borrowing.
With a debt repayment of Rs 222 crore during the quarter, the company’s net debt-equity ratio improved to 0.91:1 as on September 30, from 0.98:1 on June 30. The company has cash and cash equivalents of Rs 1,140 crore on its books.
The Tata Chemicals stock closed 6.28 per cent lower at Rs 251.25 at close of Thursday’s trade on the Bombay Stock Exchange.