Tata Chemicals today posted nearly four-fold jump in consolidated net profit at Rs 1,168.60 crore for the fourth quarter of 2017-18 largely on the back of exceptional gains from sale of its urea business to Yara Fertilisers India.
Net profit stood at Rs 310.64 crore in the same quarter of previous fiscal, the company said in a regulatory filing.
But the effect of the transfer will be reflected in the financial information for the period in which the deal is completed, the filing added.
The board has recommended a dividend of Rs 11 per share and a special dividend of Rs 11 per share to reflect the sale of the fertiliser business, aggregating to Rs 22 per share for the 2017-18 fiscal.
Commenting on the performance, Tata Chemicals Managing Director R Mukundan said: "We are pleased to share a good overall performance despite some challenges."
The Indian chemicals business registered a robust performance and the recently launched MediKarb, a pharma-grade bicarb was well received in the market.
On the global front, North American and Kenya operations are now performing well. The UK operations showed steady performance despite operational disturbances earlier this year, he said.
"We have successfully completed our first stage of transformation with the exit from fertiliser business, and the company is poised for growth with a transformation agenda built on innovation, sustainability and digitisation. Our future growth drivers are going to be the consumer and speciality businesses," Mukundan added.
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