Tata Chemicals on Wednesday reported a 53.56% growth in consolidated net profit at Rs 711 crore for the quarter ended March 2023.
The company's net profit stood at Rs 463 crore in the year-ago period, Tata Chemicals said in a regulatory filing.
Revenue from operations rose 26.60% up during the quarter under review at Rs 4,407 crore as compared to Rs 3,481 crore a year ago.
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For the year 2022-23, the company's consolidated net profit surged 86.35% to Rs 2,335 crore over Rs 1,253 crore in FY22.
Its revenue from operations witnessed a growth of 33.01% during FY23, at Rs 16,789 crore as compared with Rs 12,622 crore in FY22.
According to Tata Chemicals Managing Director and CEO R Mukundan, the company has delivered an improved performance during FY23 as compared to FY22 across all parameters.
"The global demand-supply situation is expected to remain balanced over the medium term. We expect sustainability trends will drive the demand for newer applications like solar glass and lithium which will fuel growth"
"Our focus is on timely execution of expansion projects and efficient cost management. We continue to work with our customers and other stakeholders on our sustainability and digitisation efforts", Mukundan said.
Shares of the company settled 2.04% higher at Rs 992.05 apiece on the BSE.
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