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Kolkata-based Tide Water Oil has posted nearly 18 per cent drop in net profit at ₹28 crore for the quarter ended March 31, 2018, compared with ₹34 crore in the same period last year.
The board of directors has recommended a final dividend of ₹100 a share (face value of ₹5 per share) for 2017-18, subject to the approval of its shareholders.
Revenue from operations dipped by a mere one per cent to ₹298 crore for the quarter under review.
Post the implementation of GST in July 2017, revenue for the March quarter was reported as net of GST, whereas in the year-ago period excise duty was included.
“Accordingly, revenue from operations and other expenses for the quarter and year ended March 31, 2018, are not comparable with the previous periods,” the company said in the notes to accounts on Wednesday.
For the year ended March 31, 2018, net profit dropped by nearly 6 per cent drop in net profit to ₹97 crore (₹103 crore).
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