Tata Chemicals , the fertilizer and chemicals arm of Tata Group, today reported a 36% rise in net profit at Rs 223.78 crore for the quarter ended December 31, following growth across all segments in the domestic as well as the international markets.
The company's net profit for the third quarter of FY11 stood at Rs 164.57 crore. It posted 32% rise in net sales at Rs 3,854.14 crore in the period under review, compared to Rs 2,910.22 crore in the corresponding period of last fiscal. "We are delighted to report continuing strong operating and financial performance. All our facilities, both domestic and international, have performed well. Our production and sales volumes have been stable," Tata Chemicals Managing Director R Mukundan told reporters.
Firm input costs are putting pressure on margins, however, strengthening rupee over the last month has been encouraging, he said. "While current demand appears stable, it continues to be influenced by several macro environment factors. I am, however, confident that our access to low cost resources combined with efficient operations and well entrenched and expansive distribution network will enable us to continue to create value and drive growth," he said.
In the chemicals business, the company's Europe operations witnessed improved utilization, its British Salt performance was robust and there was steady improvement in Magadi operations, he said. However, productions at the company's North America operations moderated due to slow resumption of operations post expansion, he added.
Consumers products, he said, continued to maintain leadership position in branded salt at 64% market share in the country. About its fertilizer segment, Mukundan said the expansion of soda ash capacity by 1 lakh TPA at Tata Chemicals North America (TCNA) was concluded. Tata Chemicals operations at Babrala in Uttar Pradesh is stable and its new ammonia converter will be hooked up in March or April this year, he said.
Source: www.moneycontrol.com
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