Tata Chemicals reports consolidated income from operations for fiscal Q3 climb 10% year-over-year to 45.8B rupees
February 3, 2014
– Mumbai: Tata Chemicals (TCL), a global company with interests in businesses that focus on LIFE —living, industrial and farm essentials — reported a 10 percent jump in its income from operations at Rs4,580 crore.
Key performance and financial highlights
Financial highlights for Q3 FY13-14
Commenting on the company's Q3 FY13-14 performance, R Mukundan, managing director, Tata Chemicals, said: "The company has embarked on executing the twin strategy of restructuring its commodity business on one hand and focused growth in the consumer and farm business on the other hand. During the quarter our growth platforms of consumer business and non-subsidy farm business revenue grew at 20 percent and 21 percent respectively as compared to the corresponding quarter of the previous year.
"Consumer business continued to grow the Tata I-Shakti and Swach franchises and they have grown nearly to Rs1,000 crore sales (sales Rs972 crore) year to date. Followed by Mumbai and Delhi launches, 'Dal on Call' facility was extended to Bengaluru city during the quarter. The non-bulk farm business continued its growth on the back of better farm conditions and focus on productivity improvement at farm level. We launched Farmgro and Farmgro G in the previous quarter and the product is well received in the market.
"European restructuring is on track and should yield positive results from FY14-15. Current quarter results were impacted by a one-time charge of Rs82 crore due to restructuring of the European operation. Background work on restructuring the Magadi facility continues, the plan is expected to be finalised in Q4 FY13-14.
"We remain positive on the demand scenario going forward domestically as well as internationally. Prices internationally are stable. Subsidy outstanding continues to stress the working capital and is a challenge in the near term. Overall while we restructure our commodity businesses on the strategic front, we continue to focus on building farm and consumer business portfolio."