BackTata Chemicals reports Rs1,225.72 crore loss in March quarter
Net sales stood at `3,646.13 crore compared with `3,296 crore in the same quarter last year
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Mumbai: The world’s second biggest soda ash maker, Tata Chemicals Ltd, reported a net loss ₹ 1,225.72 crore for the quarter ended March 2014, compared with a loss of ₹ 188.03 crore in the year-ago period, as a number of exceptional items weighed down profit during the quarter.
Net sales for the fourth quarter of fiscal 2013-14 stood at ₹ 3,646.13 crore compared with ₹ 3,296 crore in the same quarter last year.
A Bloomberg estimate of six analysts had pegged consolidated net profit at ₹ 142.3 crore while a poll of seven analysts projected net sales at ₹ 3,645.5 crore.
During the quarter, the company took a non-cash charge of ₹ 619.78 crore towards write-down of goodwill, along with a one-time charge of ₹ 304.61 crore related to the group’s Kenyan operations.
A one-time charge of ₹ 143.18 crore towards restructuring of Tata Chemical’s European operations was also included in the quarterly earnings.
On a stand-alone basis, Tata Chemicals reported a 49% drop in net profit for the quarter ended March 2014.
Net profit fell to ₹ 81.14 crore from ₹ 159.76 in the corresponding period a year ago. Net sales in the March quarter rose 3.1% to ₹ 1,975.62 crore.
Shares of Tata Chemicals closed at ₹ 303.45 on the BSE, down 3.6% from the previous close, while India’s benchmark Sensex Index fell 0.07% to 24217 points.
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