Tata
Chemicals first quarter results — April - June 2002
Higher
revenues and operational efficiencies drive profits.
Revenues increase by 24 per cent to Rs 362 crore
from Rs 291 crore. Operating profit higher by 34
per cent to Rs 109 crore. Profit after tax up 158
per cent to Rs 34 crore from Rs 13 crore
July 31, 2002
Announcing
the results for the first quarter of the year
2003, Prasad Menon, managing director, Tata Chemicals,
said,
"Our performance in the current quarter
demonstrates the steady progress made towards
achieving stated objectives in core businesses.
Current initiatives being implemented by the company,
combined with our leading presence across identified
segments provide us with a strong platform for
future growth."
Highlights
for first quarter of financial year 2003 (April
- June 2002) versus first quarter of financial
year 2002 (April - June 2001)
Financials
- Total
revenues increase by 24 per cent to Rs 362
crore from Rs 291 crore and include Rs 13
crore interest on tax refunds.
- Operating
profits advance 34 per cent to Rs 109 crore
from Rs 81 crore.
- Efficient
working capital management and debt restructuring
drive continued reduction in interest cost
by 17 per cent to Rs 26 crore from Rs 31 crore
- Profit
before tax up 213 per cent to Rs 53 crore
from Rs 17 crore.
- Net
profit after current and deferred tax higher
by 158 per cent to Rs 34 crore from Rs 13
crore
Business
and operations
Soda
ash business
- Internal
initiatives coupled with encouraging sectoral
trends contribute to progressive business
outlook.
- Renewed
export focus post-normalisation of operations
at Mithapur – exports in first quarter of
financial year '03 at 20,661 MT compared with
34,000 MT for the whole of previous year.
- Sustained
benefits from ‘Manthan’ lead to continued
increase in overall operational efficiencies
– continuous progress towards the objective
of becoming one of the lowest cost producers
of synthetic soda ash globally.
- Implementation
of suggestions derived from joint workshops
with customers leads to stronger relationships.
- Continued
distribution and logistics efficiency contribute
to better working capital management.
Salt
business
- Total
sales increase to 86,000 MT — increase by
43 per cent over corresponding quarter of
the year 2002.
- Consolidation
in markets across geographies by re-organising
distribution structure in east and south India.
- Successful
test launch of second salt brand, Samundar,
in the economy category of solar refined salt,
commercial launch in Tamil Nadu expected in
second quarter of financial year 2003.
- Steady
progress on initiatives aimed at addressing
export markets.
Urea
business
- Multiple
initiatives being planned through Tata Kisan
Kendras to assist farmers address possible
drought scenario in north India. Effect on
agriculture may have an adverse impact on
urea demand.
- Maintained
leading presence in the demand intensive markets
of the country.
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