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Tata Chemicals Q4 profit jump 4-fold to Rs 1,168.6 cr

Press Trust of India  |  New Delhi 

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 business to Fertilisers India.

Net profit stood at Rs 310.64 crore in the same quarter of previous fiscal, the company said in a regulatory filing.

said its net income remained flat at Rs 2,628.83 crore during the January-March quarter of 2017-18 financial year against Rs 2,668.72 crore in the year-ago period.

However, the company reported a net exceptional gain of Rs 1,266.72 crore on account of sale of its business to Fertilisers India.

The company has also entered into an agreement to sell its to the Netherlands-based by way of slump sale for Rs 375 crore.

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, Managing 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 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," added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 19:00 IST