Tata Chemicals' Q1 net profit drops 67% to Rs 74 cr due to poor sales

The company had posted a net profit of Rs 78.52 lakh for the corresponding period of the previous fiscal, MHRIL said in a filing to BSE

Tata Chemicals on Friday posted a 67.23 per cent drop in its consolidated net profit at Rs 74.15 crore for the June quarter due to poor sales.

The company had posted a net profit of Rs 226.33 crore in the year-ago quarter, according to a regulatory filing.

Net income for the quarter under review declined by 9.88 per cent to Rs 2,406.82 crore from Rs 2,670.90 crore in the corresponding quarter previous of the preceding fiscal.

In proportion to decline in the net income, the company'stotal expenses decreased by only 1.28 per cent to Rs 2,296.17 crore from Rs 2,325.91 crore in the year-ago period, the filing said.

Shares of the company settled lower by 1.39 per cent at Rs 305.60 apiece on the BSE.