Tata Chemicals declared its Q3 results yesterday, reporting that its consolidated profit after tax (PAT) had decreased by 3.66% to Rs 160.85 crore at the end of December 2020 quarter. The company’s PAT was reported to be Rs 166.97 crore during the same quarter of FY2019-20.
Income derived from operations on an overall basis was down by 0.7% at Rs 2,606 crore as compared to Rs 2,623 crore in the same quarter of the previous fiscal.
The share price of the company responded to this news by stalling 0.63%, valuing the company stock at Rs 489.80.
On the other hand, as compared to the same quarter of the previous financial year, the company’s income from operations had risen by 7% to Rs 8,120 million, as compared to Rs 7,590 million.
The company’s incoming capital from operations on an overall basis for Basic Chemistry Products segment stood at Rs 19,870 million which was down by 1% and the income from Specialty Products segment at Rs 6,180 million, which was up by 2% compared to the corresponding quarter of last year.
Chief Executive Officer of Tata Chemicals, R Mukundan commented, “During Q3, we have witnessed sequential improvement in demand, even as we navigate the margin pressures through agile execution of cost efficiencies.”
Also mentioning the effect of the COVID-19 pandemic he said, “While we are focusing on business continuity, the health and safety of our employees and partners still remain our priority. In the coming quarters, the company expects 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.”