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Our Bureau

Mumbai, Oct. 30 Tata Chemicals has reported a 9.57 per cent drop in net profit to Rs 143 crore in second quarter of the fiscal year 2008, against Rs 158 crore logged in the corresponding period last year.

“A steep rise in stock-in-trade (the inventory of merchandise held for sale) by 187 per cent to Rs 187.86 crore has hit the bottomline,” said an analyst.

Sales during the quarter under review jumped 10.79 per cent to Rs 1,292 crore, against Rs 1,166 crore in the same period last year. Total income rose 8.81 per cent to Rs 1,299 crore (Rs 1,194 crore) in the quarter.

The company’s consolidated net profit for the quarter stood at Rs 143 crore (Rs 158 crore). Consolidated sales increased to Rs 1,770 crore (Rs 1,634 crore) in the quarter. Total income was up at Rs 1,770 crore (Rs 1,634 crore) in the quarter.

On the company’s performance, Mr Homi Khusrokhan, Managing Director, Tata Chemicals, said, “The demand environment continues to be healthy for all our core products. Additionally, our new business ventures namely fresh produce and bio-fuels are also on track.”

Income from fertiliser business increased to Rs 926 crore (Rs 764 crore) in the quarter, while inorganic business chipped in Rs 330 crore (Rs 362 crore).

Tata Chemicals’ stock on the BSE was down 1.15 per cent to Rs 326 on Tuesday.

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Tata Chemicals Q2 net down 9.5%

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