Tata Chemicals Tuesday reported a 71 per cent decline in its consolidated net profit to Rs 219.48 crore for the December 2018 quarter. Its net profit stood at Rs 759.07 crore in the year-ago quarter, the company said in a regulatory filing.
Total income, however, rose to Rs 2,927.94 crore during the third quarter, from Rs 2,591.07 crore a year ago. Net profit fell during the quarter due to exceptional loss of Rs 28 crore for provision of an increase in pension liability in its group's UK entities.
Moreover, the group has clocked a deferred (exceptional) tax gain in its group firm Tata Chemical North America (TCNA) of Rs 247 crore in the corresponding period of the previous year. Besides chemicals, the company is into salt manufacturing and it also sells pulses and spices under Tata Sampann brand. The company has exited the fertiliser business.