Tata Chemicals on Friday reported a 48 per cent decline in consolidated profit after tax (PAT) during the quarter ended March 2020 at Rs 198 crore. The company's PAT in the corresponding quarter a year ago stood at Rs 383 crore, Tata Chemicals said in a statement.
Revenue during the quarter under review declined 7 per cent to Rs 2,378 crore as compared with Rs 2,561 crore in the same quarter of FY19. For the year ending March 31, 2020, Tata Chemical's PAT declined 12 per cent to Rs 1,028 crore as compared with Rs 1,163 crore in previous fiscal.
Revenue during FY20 was almost flat at Rs 10,357 crore as against Rs 10,337 crore in 2018-19. "The pandemic impacted some parts of our operations and supply chain during the quarter. Nevertheless we are also looking at this as an opportunity to improve our operating capabilities and review our growth strategy," Tata Chemicals Managing Director and CEO R Mukundan said.
"In India, Mithapur has been producing all products with additional emphasis on salt and bicarb as both these products fall under essential commodities," he added. The company would continue to monitor market demand and ensure agility in its operations with renewed focus on product supply, cash position, optimal capital expenditure spends, and reduction in fixed costs, he said.
"As the world recovers from the pandemic situation, safety of our employees, our extended value chain partners and the communities around which we operate will remain our focus areas while we continue to work closely with our customers enabling them to get back on track at the earliest," he added.
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