Tata Chemicals Q1 net profit falls 12.8pc
MUMBAI: Tata Group-controlled Tata Chemicals Ltd, world's second-biggest soda-ash maker, on Wednesday said consolidated net profit for June quarter fell 12.8% due to higher expenses, finance cost and lower other income.
Consolidated net profit stood at Rs.153.04 crore, against Rs.175.50 crore a year ago. Net sales rose 5.7% to Rs.4,015.73 crore from Rs.3,800.97 crore a year ago. Seven analysts polled by Bloomberg expected the company to post a net profit of Rs.224.4 crore and net sales of Rs.4,097.60 crore. Total expenses rose 6.9% from a year ago to Rs.3,690.09 crore, while finance cost rose 9.8% to Rs.113.58 crore. Other income fell 41% to Rs.12.46 crore in June quarter as compared with Rs.21.10 crore a year ago. Shares of Tata Chemicals closed 1.55% lower at Rs.483.70 apiece on BSE, while India's benchmark Sensex gained 0.54% to 28,223.08 points.