India's Tata Chemicals nearly triples Q2 profit
27/10/2022 12:46
BENGALURU, Oct 27 (Reuters) - Tata Chemicals Ltd
TTCH.NS on Thursday reported a second-quarter profit that
nearly tripled, helped by a strong performance in its basic
chemistry products segment.
The chemical manufacturer's consolidated net profit for the
three months ended Sept. 30 came in at 6.28 billion Indian
rupees ($76.17 million), compared with 2.21 billion rupees a
year ago.
The chemical industry in India has shown robust growth and
was among the few industries that pulled through the COVID-19
pandemic, as many industries pursued the China-plus-one
strategy.
The demand for soda ash and bicarb, used to make soaps and
detergents and as a raising agent in baked goods, has been
witnessing strong growth for the company.
The consolidated revenue from operations rose 40.3% to 42.39
billion rupees, elevated by 32.42 billion rupees of basic
chemistry products revenue.
Agri-input business Rallis India Ltd RALL.NS , a TTCH
subsidiary, also reported a 25.9% rise in its September quarter
net profit to 710.5 million rupees last week.
($1 = 82.4520 Indian rupees)
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Janane
Venkatraman)
((Meenakshi.Maidas@thomsonreuters.com;))