Tata Chem net up 61 pc, income dips 11.39 %

New Delhi, July 27 (UNI) Tata Chemicals Limited, a leading manufacturer of chemicals, fertilisers and food additives today said its net profit has increased 61 per cent to Rs 121 crore compared to Rs 75 crore in Q1 FY07.

The total income however dropped 11.39 per cent to Rs 669 crore against Rs 755 crore during the same quarter last fiscal.

''Strengthening of the Indian rupee has resulted in reduction of foreign exchange liabilities,'' said a statement.

The consolidated net profit stood at Rs 137 crore compared to Rs 89 crore in Q1 FY07, increasing 54 per cent.

The consolidated revenue, however, declined to Rs 1,134 crore compared to Rs 1,211 crore for the same quarter during last fiscal.

''Strong soda ash demand has enabled us mitigate rising input costs through better realisations. While production was low on account of planned maintenance and power outages, profit from operations was marginally better because of better efficiencies at all sites,'' said Tata Chemicals Managing Director Homi Khusrokhan.

The opportunities offered by our new business ventures namely Khet-se Agri Produce and bio fuels make us very confident about the future of Tata Chemicals, he added.

UNI