Tata Chemicals Q4 net profit up 32% at Rs 343 crore

New Delhi: Tata Chemicals on Friday reported a 31.82 percent increase in consolidated net profit at Rs 343.02 crore in the fourth quarter of 2016-17 fiscal even as income remained down.

Its net profit stood at Rs 260.21 crore in the year-ago period, the company said in a BSE filing.

Total income declined to Rs 3,079.47 crore in the January-March quarter of the 2016-17 fiscal from Rs 3,618.14 crore in the year-ago period.

However, expenses remained lower at Rs 2,733.96 crore as compared to Rs 3,310.56 crore in the said period.

For the FY 2016-17, net profit rose to Rs 1,234.10 crore from Rs 1,001.11 crore in the previous fiscal.

The board has recommended a dividend of Rs 11 per ordinary share of Rs 10 each for the 2016-17 fiscal, subject to the approval of the shareholders at the ensuing annual general meeting of the company. The dividend, if approved, will be paid on and from August 11, 2017.

Commenting on the performance, Tata Chemicals Managing Director and CEO R Mukundan said, "The quarter under review has been encouraging with improved performance led by the Indian operations".

The year registered good performance across businesses and geographies, in spite of challenge faced on several fronts. "The Wyoming operations had production shortfall in Q4 as compared to last year, while for the full year the production was up," he said.

In the farm business, Rallis India and Metahelix continue with higher sales and margins. The consumer products business continues to grow and Tata Salt maintains its market leader position. Tata Sampann spices and low oil absorb besan were rolled out during the year.

"Going forward, we will continue our focus on delivering operational excellence across our business and driving growth in consumer products and speciality chemicals, while maintaining leadership in Soda Ash," he added.

Tata Chemicals, a Tata group company, is engaged in manufacturing of chemicals, salt and fertilisers. It also sells pulses and spices under Tata Sampann brand. The firm is also into water purifier business.