Tata Chemicals Ltd has posted a 149.5 per cent increase in net profit at Rs 60.20 crore for the fourth quarter ended March 31, 2003 as compared to Rs 24.12 crore in the corresponding quarter last year. Net sales rose 3.1 per cent to Rs 379.07 crore from Rs 367.58 crore.

For the year ended March 31, 2003, net profit grew 55.1 per cent to Rs 196.74 crore compared with Rs 126.82 crore. Income from operations was higher by 13.5 per cent at Rs 1,628.4 crore compared with Rs 1,433.8 crore. Operating profits increased by 11 per cent to Rs 417 crore from Rs 376 crore.

Extraordinary items represent Rs 14.6 crore towards employees separation compensation, Rs 182.9 crore as the impact of revised retention price on revenue of earlier years, and Rs 197 crore as provision for contingencies.

The company said that the government has by notification dated April 16, 2003 further revised the retention price of Urea with effect from July 1, 1997 impact of which aggregating Rs 27.08 crore has been appropriately dealt with in drawing the results for the quarter and year ended March 31, 2003. Consequently, the provision for contingency of Rs 26.09 crore has been written back since the same is no longer required.

Announcing the results, Tata Chemicals managing director Prasad Menon said, "We have strengthened our position across all our core businesses."