Tata Chemicals reported a 27 per cent year-on-year drop in its standalone net profit for fiscal first quarter ended 30 June 2011 at Rs110.83 crore against Rs151.24 crore in the April-June 2010 quarter.
Sales were, however, higher at Rs1,585.33 crore against Rs1,461 crore in the year-ago period. Profit before tax was lower at Rs150.3 crore against Rs199.80 crore.
Consolidated net (after-tax) profit for the quarter ended 30 June 2011 stood at Rs200 crore against Rs216 crore in the April-June 2010 quarter.
Profit after tax and minority interest at Rs200 crore for the April-June 2011 quarter, however, included the impact of Rs23 crore in accordance with a circular issued by the department of fertilisers, the company said.
Profit before tax (PBT) for the June 2011 quarter stood at Rs320 crore against Rs322 crore for the previous year quarter.
Tata Chemicals' fiscal first quarter FY12 net sales were up 17.1 per cent at Rs2,954 crore.
Profit from operations during the June 2011 quarter stood at Rs527 crore compared to Rs518 crore in the previous year quarter.
The company has not recognised subsidy income of Rs31 crore on opening stock of raw materials for phosphate and potassic fertilisers, in accordance with the recent office memorandum dated 11 July 2011, issued by the Department of Fertilisers (DoF), Tata Chemicals said.