India's Tata Chemicals posts 26% jump in quarterly profit

Anupam Rasayan India

01/02/2023 11:32

BENGALURU, Feb 1 (Reuters) - India's Tata Chemicals
 TTCH.NS  on Wednesday reported a 25.7% jump in quarterly
profit, driven by strong growth in its basic chemistry products
segment.
    The chemical manufacturer posted a consolidated net profit
for the three months ended Dec. 31 at 3.91 billion rupees 
($47.77 million), compared with 3.11 billion rupees a year ago.
    The Indian chemical industry has seen rapid growth and have
been one of the few industries that have fully pulled through
the COVID-19 pandemic, reaping the benefits of the
China-plus-one policy, as many countries looked for alternative
sources for chemicals. 
    The basic chemistry products segment, which contributes to
more than 80% of the company revenue and includes soda ash,
bicarb, salt, jumped 42%, offsetting the 25% rise in input
costs, 56% rise in fuel cost. 
    The Mumbai-based chemical maker posted consolidated revenue
from operations of 41.48 billion rupees, up 32% from the
previous year. 
    The company's agri-input manufacturing unit Rallis India
 RALL.NS  posted a 43% fall in its third-quarter net profit in
the backdrop of erratic rainfall in the domestic market and
headwinds in international business. 
    Last week, rival Anupam Rasayan  ANUY.NS  posted a 13% rise
in its quarterly profit.   
    Shares of the company closed down 1.8% at 956.2 rupees on
Wednesday ahead of the results. They rose 4.8% in 2022.     
($1 = 81.8570 Indian rupees)
 (Reporting by Anuran Sadhu in Bengaluru; Editing by Nivedita
Bhattacharjee)
 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))