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Tata Chemicals Q1 net soars, beats forecasts

Tata Chemicals Q1 net soars, beats forecasts
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First Published: Fri, Jul 30 2010. 07 17 PM IST
Updated: Fri, Jul 30 2010. 07 17 PM IST
Mumbai: Tata Chemicals on Friday posted a sharp surge in consolidated quarterly net profit to Rs216 crore, substantially beating street estimates.
The Mumbai-based chemicals maker reported a net profit of Rs216 crore on net sales of Rs2,477 crore for the first quarter ending June beating a Reuters poll forecast of Rs171 crore.
The firm had clocked a net profit of Rs43 crore on net sales of Rs2,248 crore for the year-ago period.
The April-June numbers are not comparable with the year-ago performance of the firm as it includes numbers of newly acquired unit Rallis India, the company said in a statement.
The year-ago numbers also had an adverse impact of Rs87.36 crore on Tata Chemicals’ performance incurred over restructuring of overseas operations, it added.
“The domestic demand for soda ash is gradually improving,” Ramakrishnan Mukandan, managing director, Tata Chemicals, said in a statement.
“...and the demand environment across the world is robust.”
Tata Chemicals has planned a major foray into customized fertilizers segment and plans to set up 10 new units at an approximate investment of Rs60 crore each, it had said in May.
“Out of the 10 speciality fertilizer units, the first would be set up by September at an investment of (Rs)57 crore at Babrala (Uttar Pradesh),” Mukandan told a news conference on Friday.
The unit would have an annual capacity of 130,000 tonnes, he added.
Shares of Tata Chemicals closed at Rs336.65 on Friday, up 4.05% on the Bombay Stock Exchange (BSE).
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First Published: Fri, Jul 30 2010. 07 17 PM IST