Financial Daily from THE HINDU group of publications
Wednesday, Jan 19, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jan 19, 2005 |
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Corporate Results
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Chemicals Tata Chem Q3 PAT up 63.29 per cent Our Bureau
Mumbai , Jan. 18 TATA Chemicals Ltd (TCL) on Tuesday reported a 63.29 per cent rise in its profit after tax at Rs 96.59 crore for the third quarter ended December 31, 2004, as against the previous corresponding Rs 59.15 crore. During the period, the company's net sales/income from operations increased by 37.65 per cent to Rs 1,039.14 crore (Rs 754.88 crore for the year ago period). Profit from operations improved by eight per cent for the quarterto Rs 131 crore (Rs 120 crore) but slipped marginally at the nine-month level to Rs 382 crore (Rs 385 crore). This was attributed to the high prices of coking coal, coke, phosphoric acid and ammonia during the fiscal's first half. When contacted, Mr P.K. Ghose, Chief Financial Officer, Tata Chemicals, said that the cited raw material prices as well as freight rates have not increased much of late but they have not slackened either.
According to an official statement, domestic soda ash sales for the quarter amounted to 1,37,000 MT. For the year to date, it stood at 3,88,000 MT. The company's domestic market share in soda ash is 30 per cent. Third quarter export of soda ash touched 46,600 MT or 44 per cent of Indian exports of the item. Demand outlook for soda ash, particularly from the glass segment, remains strong both domestically and globally. Leadership in the edible salt segment was sustained with a domestic market share of 40.5 per cent. A good rabi season is anticipated to result in continued healthy nitrogenous and complex fertiliser demand though some purchases may have been made in advance. Interest costs for the quarter dipped by 48 per cent to Rs 6 crore. For the nine-month period, the company had posted a net profit of Rs 229.42 crore (Rs 190.87 crore) on net sales/income from operations of Rs 2,288.58 crore (Rs 1,978.99 crore).
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