Tata Chemicals on Tuesday posted nearly three-fold jump in consolidated net profit at Rs 7.6 billion (Rs 759.07 crore) during the third quarter of this fiscal on gains from its north American business.
Net profit had stood at Rs 2.6363 billion in the same period of the corresponding year, the company said in a BSE filing.
Total income increased marginally to Rs 25.9107 billion in the October-December period of 2017-18 fiscal from Rs 25.2444 billion in the year-ago period.
Expenses remained slightly higher at Rs 22.2931 billion as against Rs 22.0753 billion in the said period.
As per the filing, Tata Chemicals North American (TCNA) business recognised a deferred tax gain of Rs 2.4663 billion and Rs 0.78 billion actuarial gain on changes to certain "Post Retiral Medical Plans".
The company said the TCNA continues to maintain steady performance backed by favourable production volumes and profitability.
Also, the European operations showed improved efficiencies across all business units, while Rallis India registered stable performance despite market challenges, it added.
Commenting on the performance, Tata Chemicals Managing Director R Mukundan said that India and global operations continue to register improved profitability.
In the consumer business, Tata Salt remains the market leader. The recent product roll out from the Tata Sampann umbrella brand is receiving a favourable response from consumers, he said.
"We will continue to direct our efforts towards growing market shares across product categories and furthering customer excellence. Several consumer connect initiatives have also been initiated in that direction," Mukundan said.
In the farm business, Rallis India along with Metahelix registered a sound performance in the crop protection business, domestic and internationally.
Further, the company successfully completed the transfer of the urea business to Yara International in January this year, he added.
"With the results of deleveraging the balance sheet and achieving healthy working capital levels now clearly visible, the Companys focus now moves from debt reduction to growth," Mukundan noted.
The growth strategy remains focused on industrial chemicals business, consumer food business and specialty chemicals led by agrochemicals, nutraceuticals, rubber and polymer additives, he added.
Shares of the company fell by 2.25 per cent to settle at Rs 681.10 on the BSE.