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Tide Water Oil Co (India) Ltd reported a near 80 per cent drop in net profit to Rs 20 crore (apprx) for the quarter ending September 30, 2015. Comparable net profit in the year ago period stood at Rs 96 crore.
Interestingly, last year’s comparable profit (Q2 FY-15) had been propped by addition of an “exceptional item” of nearly Rs 108 crore; on account of spin off of ENEOS business to the Japaneese joint-venture. In the current quarter under review there has been no such mentionable item(s).
Turnover or net sales, for the second quarter of this fiscal, dipped marginally by one per cent (approximately) to Rs 227 crore; as against Rs 229 crore in the corresponding period last fiscal.
Other income during the period also saw a near 60 per cent jump to Rs 5 crore (Rs 3 crore).
The company has declared a special interim dividend of Rs 150 or 1500 per cent on every paid up equity share of Rs 10 each, for FY-16.
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