TCL Q3 Net Rises 20% To Rs 55 Crore

Mumbai, January 24: | Updated: Jan 25 2003, 05:30am hrs
Tata Chemicals Ltd (TCL) has registered a 20 per cent increase in net profit at Rs 55.50 crore for the third quarter ended December 31, 2002 as against Rs 46.09 crore for the corresponding period previous fiscal. Net sales has increased from Rs 387.94 crore to Rs 460.78 crore, an increase of 19 per cent.

Commenting on the results, TCL managing director Prasad Menon said, Our performance signifies enhanced operating progress across all our businesses. It demonstrates the gains made from the implementation of efficient cost structures and the creation of a stronger market position in soda ash, salt and urea operations. Our cost control initiatives are gaining momentum and this combined with our marketing led approach will support growth and give a competitive edge at global level.

Interest cost has declined from Rs 30.60 crore to Rs 20.08 crore during the the quarter. Said TCL chief financial officer PK Ghose, This has been achieved by swapping high cost debts with low cost borrowings.

TCL has achieved the highest ever quarterly export volume of soda ash in the quarter under review. The company exported 31,000 mt of soda ash as compared to 34,000 mt during the entire financial year 2002. To enable optimal mapping of growth opportunities, the company has set up a separate salt SBU which will also help the company in strengthening its marketing strength and distribution presence improving penetration levels.