The Hindu Business Line : Tata Chemicals Q3 net rises 19% at Rs 117 cr

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Mumbai Jan. 30 Tata Chemicals has reported a 19 per cent increase in net profit, at Rs 117 crore, for the third quarter of the current fiscal, against Rs 98 crore a year ago.

Net revenues, at Rs 1,307 crore, were up by a modest 4 per cent. Total expenditure growth was contained at 5.9 per cent; it grew to Rs 1,131 crore from Rs 1,068 crore a year earlier.

Explaining the profit growth Mr Homi Khusrokhan, Managing Director, Tata Chemicals, said:

"Our cost reduction programmes have been timely and have compensated cost increases both in India and Europe. Our capacity expansion at Magadi will further enhance profitability and expand sales of dense soda ash to the fast growing glass segment."

Profit from operations grew 7 per cent to Rs 532 crore on the back of improved efficiencies and lower input costs, said the company.

Revenues-wise the fertiliser segment reported sales of Rs 933 crore, up marginally from a year ago (Rs 929 crore). PBIT actually decreased, to Rs 56.7 crore (Rs 80 crore).

The inorganic chemicals division recorded sales of Rs 374 crore (Rs 329 crore) and PBIT of Rs 93 crore (Rs 90 crore).

The company maintained its dominant position in the Indian soda ash market with an overall market-share, including imports, of 32.1 per cent, said a statement from the company. In the edible salt market, it had a 46.5 per cent share of the national branded segment.

In the fertiliser business, the company recorded improved production volumes due to continued availability of natural gas. Phospatics sales volumes were healthy too, said the statement.

The company's consolidated third quarter net profit amounted to Rs 428 crore, and consolidated revenues Rs 4,566 crore. The consolidated results are not directly comparable with the previous fiscal's as a consequence of the company's recent acquisitions, said the statement.

On BSE, the company's scrip rose by 1.08 per cent on Monday, to close at Rs 228.85.

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