Tata Chemicals reported net loss of ₹841 crore in the March quarter against a net profit of ₹692 crore in the same period last year due to impairment charge of ₹963 crore on its soda ash and bicarb operations in the UK.

The impairment was primarily due to unfavourable market conditions and reduced demand for Soda Ash in Europe and the persistently low pricing outlook in the jurisdiction based on which the cash flow projections have been revised downward, said the company.

Income was down at ₹3,589 crore (₹4,482 crore). The company has announced a dividend of ₹15 a share. The board has also approved a proposal to raise ₹2,000 crore through issuance of non-convertible debentures.

Overall expenses were down at ₹3,433 crore (₹3,809 crore).

For the financial year ended March, the company’s net profit plunged 84 per cent to ₹435 crore against ₹2,434 crore logged in the same period last year.

Income was down eight per cent at ₹15,707 crore (₹17,007 crore).

Shares of the company was down two per cent at ₹1,099 on Monday.