Tata Chemicals Q3 Profit Down 60% to Rs 158 cr - Business News

Mumbai, Feb 5 (PTI) Tata Chemicals on Monday reported a 60.30 decline in consolidated net profit to Rs 158 crore in the December quarter.

The company's net profit stood at Rs 398 crore in the corresponding period of the previous year, Tata Chemicals said in a regulatory filing.

Revenue from operations of the company fell 10 per cent in the third quarter of the ongoing fiscal to Rs 3,730 crore compared to Rs 4,148 crore in the same period of the previous fiscal.

"The demand environment for soda ash in our domestic markets as well as international markets was challenging during the quarter. This was especially so in the container glass and flat glass sectors in Europe and the Americas, which led to a pressure on volumes and prices.

"Our endeavour is to continue to maintain our market share through customer engagement and have steady contribution margins with focus on costs and higher value-added products," Tata Chemicals Managing Director and CEO R Mukundan said.

The company's focus will also be to deliver capital investment projects on time, conserve cash and continue to deleverage, he said.

"In the short term, current demand-supply situation is likely to persist but should improve and stabilise over the long term driven by growth sectors based on sustainability trends," he added.

Shares of the company closed at Rs 979.95 on Monday, down 1.78 per cent on the BSE.