Tata Chemicals Posts Poor Numbers For March 2013 Quarter
DSIJ Intelligence / 28 May 2013
The company reported a consolidated net loss for the quarter as well as a drop in its income from operations.
The Q4FY13 results of fertiliser major Tata Chemicals, which were declared after market hours on May 27, have been on the disappointing side. The company reported a consolidated net loss of Rs 150.40 crore for the quarter ended on March 31, 2013 as against a profit of Rs 182 crore witnessed in the same period last year. The drop in bottomline is mainly due to the non-cash write down of goodwill and other assets of its European operations. During the quarter, the total consolidated income from operations of the company declined marginally to Rs 3,391.45 crore from Rs 3,467.04 crore in the same period a year ago.
As mentioned earlier, the company's net profits were affected during the quarter as it impaired assets worth Rs 483.83 crore, including goodwill of Rs 97.14 crore and other assets worth Rs 386.69 crore. Its board of directors have recommended a dividend of Rs 10 per share, taking its dividend yield to 3.28%.
The shares of the company are marginally down by 0.77% so far today, trading at Rs 304.45.
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