Tata Chemicals Q1 net jumps over two-fold to Rs 175.50 cr

Tata Chemicals today reported an over two-fold increase in consolidated net profit for the first quarter ended June 30 at Rs 175.50 crore on the back of better performance from soda ash business and higher realisation in the North America operations.

The company had clocked a net profit of Rs 75.21 crore in the same quarter in 2012-13.

The total income from operations during April-June quarter of the year 2013-14 increased by 17 per cent to Rs 3446.64 crore as compared to Rs 3275.97 crore in the year-ago period.

Speaking on the company's performance, Tata Chemicals Managing Director R Mukundan said: "The quarter under review has been encouraging and we have started to see the positive impact of painful yet inevitable restructuring exercise that had to be carried out to ensure viability and sustainability of our operations at UK and Magadi."

Mukundan elaborated that, better realisation at company's North America took the consolidated revenue to Rs 3,847 crore, a jump of 17 per cent on YoY basis.

Sharing his vision for coming years, Mukundan said, "Our focus on reshaping the portfolio to enhance share of consumer product business and non-subsidised farm inputs business will continue in the coming years."

The company in a statement also added that sale of soda ash continues was robust both in domestic and global markets.

Shares of the company today closed at Rs 374.40 apiece on BSE today up by 3%.