Tata Chemicals 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 urea business to Yara Fertilisers India.
Net profit stood at Rs 310.64 crore in the same quarter of previous fiscal, the company said in a regulatory filing.
Tata Chemicals 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 urea business to Yara Fertilisers India.
The company has also entered into an agreement to sell its Haldia plant to the Netherlands-based Indorama Holdings 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, Tata Chemicals Managing Director R Mukundan said: "We are pleased to share a good overall performance despite some challenges."
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