Tata Chemicals net profit down 7% at R257 cr

Tata Chemicals posted a net profit of R256.77 crore for the September quarter, down 7% compared to R275.43 crore a year ago.

Total income rose to R4,196.68 crore compared to R3,574.77 crore a year ago, an increase of 17%. The year-ago quarter had benefited from a R30.5-crore one-time income from the sale of certain investments.

R Mukundan, managing director, Tata Chemicals, said: ?The performance for the quarter under review has been very encouraging and has been a good turnaround for TCL. The company registered a 17% rise in sales turnover during the quarter despite challenges posed by the uncertainties across the globe.? Shares of the company were down marginally to close at R318.10 on Friday.

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The results were announced after market hours.

Meanwhile, the company said that Cyrus Mistry, deputy chairman of Tata Sons, has been appointed deputy chairman with immediate effect. He will be the chairman designate and will take over as chairman from Ratan Tata on his retirement in December 2012.

Mistry was inducted to the board of Tata Chemicals in May 2012.