Tata Chemicals Q1 profit up 19 pc at Rs 313 cr

Tata Chemicals on Thursday posted 19.47 per cent jump in consolidated net profit at Rs 312.59 crore for the first quarter of 2019-20 financial year on strong sales.

The company's net profit stood at Rs 261.63 crore in the year-ago period.

Tata Chemicals is a part of over USD 110 billion Tata Group.

Net income of Tata Chemicals increased to Rs 2,984.79 crore during April-June 2019 from Rs 2,850.77 crore in the same quarter of the previous fiscal, it said in a regulatory filing.

Expenses also rose to Rs 2,562.49 crore from Rs 2,477.28 crore in the said period.

"The company has posted a healthy growth on a consolidated basis across all business segments," Tata Chemicals Managing Director R Mukundan said.

He said the company will continue to be most cost-efficient in soda ash, bicarbonate and salt businesses.

"Our investment in a bicarbonate unit in the UK using innovative carbon capture process and Mithapur plant(in Gujarat) expansion will provide significant thrust to our growth," he said, adding the company is elated to have received the environment clearance for the expansion at Mithapur plant.

The company will continue to focus on its nutritional science and material sciences business towards scale by strengthening the innovative funnel to ensure aggressive growth in the Specialty Products Business, Mukundan added.

Shares of the company rose 0.10 per cent to settle at Rs 565 apiece on the BSE on Thursday.