Chambal Fertilisers & Chemicals today reported an over 6 per cent increase in net profit to Rs 91.65 crore for the quarter ended September 30,2011 on lower tax expenses. The company had posted a net profit of Rs 86.06 crore in the year-ago period. Total income increased to Rs 1,653.24 crore during the second quarter of this fiscal from Rs 1,557.04 crore in the corresponding period of the previous year. The tax expense during the second quarter stood at Rs 13.96 crore against Rs 44.14 crore in the same quarter of last fiscal. This was because the company got a tax credit of Rs 32.36 crore during the quarter. "Tax credit related to earlier years (net) substantially represents income tax credit on certain benefits allowed by Income Tax Appellate Tribunal,Jaipur during the current quarter," the company said in notes to the financial statement.
