speciality products Tata Chemicals on May 3 reported a 62 percent year-on-year growth in consolidated profit at Rs 709 crore for the March quarter of FY23, driven by healthy operating performance and strong growth in topline.
Consolidated revenue from operations at Rs 4,407 crore grew 26.6 percent from the year-ago period, with the basic chemistry products segment growing 32 percent and the speciality products reporting a 4.4 percent rise, the company said in its filing to exchanges.
At the operating level, consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) jumped 47 percent on-year to Rs 965 crore with a margin expansion of 300 basis points at 21.9 percent, as input costs dropped 12 percent in the same period.
For the financial year 2022-23, Tata Chemicals has registered an 84.2 percent growth in profit at Rs 2,317 crore and a 33 percent increase in revenue at Rs 16,789 crore compared to the previous year.
"The improved operating performance across geographies reflects higher realisations as compared to FY22 and efficient cost management," the Tata Group company said.
The basic chemistry products business grew by 39 percent and the speciality products division reported 13 percent growth in FY23 over FY22.
"We expect sustainability trend will drive the demand for newer applications like solar glass and lithium which will fuel growth. Our focus is on timely execution of expansion projects and efficient cost management," R Mukundan, Managing Director & CEO said.
The company has announced a dividend of Rs 17.50 per share for the financial year gone by.
Tata Chemicals is a leading supplier of choice to glass, detergent, industrial and chemical sectors.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.