Tata Chem Q3 net up 6%

Tata Chemicals has recorded a six per cent increase in net profit at Rs 59.03 crore for the third quarter ending December 31, 2003, compared with Rs 55.5 crore in the corresponding quarter of previous year.

Net sales were up 6.79 per cent to Rs 467.16 compared with Rs 437.46 crore in the same quarter of 2002-03.

The company's interest outgo has dropped to Rs 8.51 crore (Rs 20.08 crore) in the same quarter of previous year. Depreciation stood at Rs 33.44 crore (Rs 34.10 crore).

Tata Chemicals' debt has declined to Rs 492 crore as on December 31, 2003, compared with Rs 913 crore as on December 2002 and Rs 617 crore on September 30, 2003, the release stated.

In the quarter under review, the revenues contribution from the fertiliser business amounted to 52 per cent. Revenue from this segment rose 17 per cent to Rs 245 crore (Rs 209 crore).

However, revenues from inorganic chemicals segment reduced 3 per cent to Rs 222 crore (Rs 228 crore). The decline is primarily attributable to the withdrawal of the sales tax benefit on soda ash sales in the current financial year, the release added.

Prasad Menon, managing director, Tata Chemicals said: "Tata Chemicals has sustained its steady operating and financial growth in a dynamic and competitive environment."