Net profits at Tata Chemicals rose 5.16% for the quarter ended September 30, 2004 to touch Rs 87.19 crore against Rs 82.91 crore for the quarter ended 30 September 2003. Total income (net of excise) has decreased 9.9% from Rs 837.49 crore in the second quarter of the year 2003 to Rs 756.24 crore in the quarter ended 30 September 2004. The decline in the income from operations is primarily a result of tightening of supply of phosphoric acid and ammonia resulting in reduced DAP production, managing director Prasad Menon said.
During the six months ended September 2004, the net profit rose slightly to Rs 133 crore as against Rs 132 crore registered during the corresponding year 2003. Total expenditure declined on a quarter to quarter basis to Rs 588.62 crore against Rs 661.82 crore. Interest costs declined on a quarter to quarter basis to Rs 5.94 crore against Rs 14.78 crore. The income from operations (net excise) during the first half improved by 2% to Rs 1,249 crore from Rs 1,224 crore.
Mr Menon said that continuing firm prices of coke and ammonia-key inputs in the manufacture of soda ash and DAP respectively has affected the financial performance of the company during the last quarter. This apart, the transporters strike had also affected the production and sales at Mithapur plant of the company. He added the total exports during the first six months of the current financial year amounted to 64,300 million tonne, 44% of the country’s total soda ash export volumes, during the period under review.