Tata Chemicals Q1 revenue down by 11.39 per cent

Mumbai, July 27 (UNI) Tata chemicals quarter revenue fell by 11.39 percent to Rs 669 crore from Rs 755 crore in the corresponding period in past fiscal.

Company attributed the fall to the planned annual maintenance shutdown and power outages during the quarter.

Net profits grew by 61 percent to Rs 121 crore from Rs 75 crore while a corresponding growth was witnessed in profits from operations, which went up by 3 percent to Rs 163 crore from Rs 159 crore.

Company said the recent appreciation in currency value resulted in a reduction of the foreign exchange liabilities of the company during the quarter.

In the consolidated basis, revenues diminished by 6.35 percent to Rs 1134 crore from Rs 1211 crore in curresponding period in past year, while Profit from operations went up by 16 percent at Rs 260 crore from Rs 224 crore in last year. Net profits grew by 54 percent to Rs 137 crore from Rs 89 crore.

Prices of Soda Ash, salt and sodium bicarbonate were firm during the quarter resulting in improved realisations, said the company statement.

During the quarter sales volumes of soda ash stood at 164,155 MT while exports were at 26,362 MT posting a growth of 56 percent.

Company's total consolidated debt, which comprises low cost short term buyer's credit for the phosphatics business and the Foreign Currency Commercial borrowing raised in January 2005, stood at Rs 1658 crore.

UNI