Tata Chemicals Q1 profit rises 32% to Rs280 crore
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Mumbai: Tata Chemicals group on Friday reported 32.34% growth in consolidated profit after tax (PAT) at Rs.279.65 crore for the quarter ended 30 June, compared with the same period last year.
The company’s PAT stood at Rs.211.31 crore in the corresponding period of 2015-16, managing director R. Mukundan told reporters.
However, the revenue for the first quarter declined by 8.67% to Rs.3,651.86 crore, against Rs.3,998.94 crore in the same quarter previous financial year.
“The quarter under review witnessed strong performance of the chemicals and consumer business in India. Our continued focus on improving operational performance has ensured better performance across geographies, along with strong performance of the Indian chemicals business,” Mukundan said.
“However, we remain watchful of the volatility in the markets. While the consumer product business continues its leadership in the branded salt segment, the Tata Sampann brand extended its reach through the pulses and spices portfolio,” Mukundan said.
Tata Sampann spices are now being rolled out across the country in a phased manner, he said.
“The fertiliser business continues to be under pressure due to subsidy outstanding of Rs.1,479 crore. The delayed onset of monsoon impacted the results in the first quarter, however, we remain positive and expect conditions to improve in the next quarter,” he added.
Going forward, he said the company expects the Indian market to continue the overall growth momentum and also remain positive about the growth across businesses.
The company’s Europe operations registered better margins and improved performance in energy business. US production was restored with sustained production levels and Magadi continues focus on improving operational performance in the first quarter, he added.
Tata Chemicals Magadi is one of major soda ash producers in Africa and one of Kenya’s leading exporters. The company, he said, continues to be market leader in the national branded salt segment. In the branded besan and pulses segment, revenues grew by 8% over the year-ago period.