TATA Chemicals’ consolidated profit for Q3 stood at Rs161cr, revenue Rs2,606cr

Tata Chemicals Limited on last Thursday declared its financial results for the quarter ended December 31, 2020. The company reported income from operations on consolidated basis at Rs2,606cr, down by 0.7% as compared to Rs2,623cr of the corresponding quarter of previous fiscal. PAT reported for equity shareholders, from continued operations, on a consolidated basis stood at Rs161cr, down Rs6cr from the same period last year.

On a standalone basis, the income from operations rose by 7% to Rs812cr, as compared to Rs759cr of the corresponding quarter of last year. PAT, from continued operations, stood at Rs116cr, compared to Rs137cr for the same period last year.

The Company’s income from operations on consolidated basis for Basic Chemistry Products segment stood at Rs1,987cr down by 1% and Specialty Products segment at Rs618cr, up by 2%, as compared to the corresponding quarter of last year.

“During Q3, we have witnessed sequential improvement in demand, even as we navigate the margin pressures through agile execution of cost efficiencies. While we are focusing on business continuity, the health and safety of our employees and partners still remain our priority. In the coming quarters, we expect a greater recovery in production and demand, given the commencement of the vaccination drive in India. Our business strategy going forward will be scaling up the value chain across our verticals with increased efforts towards R&D and innovation,” R. Mukundan, Managing Director & CEO, Tata Chemicals Ltd., said.

The company said on a standalone basis, Soda Ash and Bicarb imports jumped sharply, particularly in the later part of Q3. Production and sales of major products - Soda Ash, Bi-Carb, Cement, and Silica reported an increase, both on qoq and yoy basis. During the quarter, launched sodium hypochlorite.

The company continues to see strong growth in prebiotics portfolio (short-chain Fructo Oligosaccharides) and other nutritional ingredients for food and feed. In Q3, company’s Science Based Targets initiative (SBTi) targets got confirmed and accepted.

On a consolidated basis in Q3FY21, the company faced marginal issues in the export market out of the US. The company said that US and UK business did well throughout the pandemic. It is witnessing certain demand issues in South East Asian markets, but overall momentum is positive.

Rallis India reported Q3 Consolidated Revenues at Rs570cr and PAT growth of 20% at Rs46cr.