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Board’s Report



          TO THE MEMBERS OF TATA CHEMICALS LIMITED
          The Directors hereby present their seventy ninth Annual Report together with the audited financial statements for the Financial Year (FY) ended
          31 March, 2018.

          FINANCIAL RESULTS
                                                                                                         ` in crore
          Particulars                                              Standalone                Consolidated
                                                              Year ended    Year ended   Year ended   Year ended
                                                           31 March, 2018 31 March, 2017 31 March, 2018 31 March, 2017
          Revenue from operations                                3,524.17     3,837.04    10,345.36    10,680.98
          Profit after exceptional gain, before depreciation and
          finance costs                                          1,116.65     1,034.59      2,414.49     2,260.41
          Depreciation and amortisation expense                   126.55        129.60       518.01       512.16
          Profit before finance costs                             990.10       904.99      1,896.48     1,748.25
          Finance costs                                            86.51        100.98       325.58       297.29
          Profit before share of profit of joint ventures and tax  903.59      804.01      1,570.90     1,450.96
          Share of profit of joint ventures                             -            -         49.23        15.62
          Profit before tax                                       903.59       804.01      1,620.13     1,466.58
          Tax expense                                             279.12        224.77        60.13       345.95
          Profit from Continuing Operations after tax             624.47       579.24      1,560.00     1,120.63
          Profit from Discontinued Operations after tax          1,142.49      113.47      1,142.49       113.47
          Profit for the year                                    1,766.96      692.71      2,702.49     1,234.10
          Attributable to:
           - Equity shareholders of the Company                  1,766.96       692.71      2,433.08      993.11
           - Non-controlling interests                                 -            -        269.41       240.99
          Other comprehensive income (‘OCI’)                     1,031.58       378.16      1,108.80      348.96
          Total comprehensive income                             2,798.54     1,070.87     3,811.29     1,583.06

          Balance in Retained earnings at the beginning of the year  4,072.61  3,714.09    1,509.39       996.00
          Profit for the year (attributable to equity shareholders of the
          Company)                                               1,766.96       692.71      2,433.08      993.11
          Re-measurement of defined employee benefit plans           21.42        (32.52)      116.94      (165.24)
          Transfer from OCI - sale of non-current investment      903.98            -        903.98           -
          Dividends including tax on dividend                     (329.85)     (301.67)     (337.31)     (306.62)
          Acquisition of non-controlling interests                     -            -            -         (7.86)
          Balance in Retained earnings at the end of the year    6,435.12     4,072.61     4,626.08     1,509.39

          DIVIDEND                                            DIVESTMENT OF FERTILISERS BUSINESS
          For the FY 2017-18, the Board of Directors have recommended   The Company had, on 10 August, 2016, entered into an Agreement
          a dividend of ` 11 per share (110%) (previous year ` 11 per share)   with  Yara Fertilisers India Private Limited (‘Yara India’) to transfer
          and a special dividend of ` 11 per share (110%) to reflect one time   its Urea and Customised Fertiliser Business (‘Divestment Business’)
          income on account of sale of the Fertiliser Business, on the Ordinary   situated at Babrala, Uttar Pradesh, by way of a slump sale on a
          Shares of the Company, aggregating ` 22 per share (previous year   going concern basis, for a consideration of ` 2,670 crore (subject to
          ` 11 per share). If declared by the members at the ensuing Annual   certain adjustments), through a Scheme of Arrangement between
          General Meeting (‘AGM’), the total dividend outgo during FY 2018-19   the Company and Yara India (‘the Scheme’). On receipt of requisite
          would amount to ` 560.46 crore excluding dividend tax (previous year    regulatory approvals, fulfillment of conditions precedent and sanction
          ` 280.23 crore excluding dividend tax).             of the Hon’ble National Company Law Tribunal, Mumbai (‘NCLT’), the


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