Tata Chemicals Q4 net loss at Rs 188 cr

Fertiliser major Tata Chemicals today reported a consolidated net loss of Rs 188.03 crore for the fourth quarter ended on March 31, 2013 mainly due to non-cash write down of goodwill and other assets of its European operations.

The world's second largest soda-ash producer had posted a net profit of Rs 138.51 crore in the year-ago period, it said in a BSE filing.

During the quarter, total consolidated income from the operations of the company marginally declined to Rs 3,391.45 crore from Rs 3,467.04 crore in the same period year ago.

Profits were affected during the quarter as the company impaired assets worth Rs 483.83 crore, including goodwill of Rs 97.14 crore and other assets of Rs 386.69 crore.

In the filing the company said: "The non-cash write down of goodwill of Rs 97.14 crore for the quarter and year ended March 31, 2013 and other assets of Rs 386.69 crore and Rs 374.41 crore for the quarter and year ended March 31, respectively, primarily relate to the European operations."

For the entire 2012-13 fiscal the company's net profit more than halved to Rs 400.40 crore from Rs 837.59 crore in the 2011-12 fiscal.

However, the total income of the company in the last fiscal increased to Rs 14,858.83 crore from Rs 13,815.03 crore in 2011-12 fiscal.

"The company has disposed off its stake in Khet-Se Agri Produce India Pvt Ltd, a joint venture company during the quarter ended March 31, 2013," the filing said.

Its Board of the directors have recommended dividend of Rs 10 per share aggregating Rs 294.42 crore including dividend tax (net).

Shares of the company today rose marginally by 0.74% to settle at Rs 306.80 apiece from its previous close at the BSE.