TATA Chemicals : rsquo; Q3FY1718 Consolidated PAT at Rs.759 Cr; up by 188 percent. PAT from Continuing Operations at Rs.545 Cr; up by 176 percent

TATA Chemicals' Q3FY1718 Consolidated PAT at Rs.759 Cr; up by 188 percent. PAT from Continuing Operations at Rs.545 Cr; up by 176 percent

Tata Chemicals Limited (the 'Company') today declared its Consolidated Financial Results for the third quarter ended December 31st, 2017. The Company reported a Consolidated PAT of Rs. 759 Cr as against Rs. 264 Cr for the corresponding period Q3 FY16-17. Income from continuing operations for the quarter ended December 31st, 2017 on consolidated basis at Rs. 2,574 Cr and PAT from continuing operations was recorded at Rs. 545 Cr, up by 176 percent.

Standalone Q3 FY17-18

• The Chemicals business - India, delivered a robust performance with improved volumes and realisations across all product categories.
• Tata Salt posts robust volumes and is back on the growth path.
• On a Net Debt basis, TCL is debt free with cash of Rs.1,189 Cr. Focus now moves from Deleveraging to Growth.
• Divestment of Urea business to Yara International was completed on 12th January 2018.
• The Company has executed a BTA with IRC Agrochemicals Pvt Ltd for transfer of the Phosphatic Fertiliser business located at Haldia and the Trading business comprising of bulk and non-bulk fertilisers.

Consolidated Q3 FY17-18

• North American operations continue to maintain steady performance backed by favourable production volumes and profitability.
• One-off impacts at TCNA due to:
  • Actuarial gain on changes to certain Post Retiral Medical Plans; and
  • The repeal of Alternative Minimum Tax (AMT) in recent US tax legislation changes, allows recovery of previously unrecognised tax payments.
• European operations showed improved efficiencies across all business units. However, traded ash showed lower sales.
• Magadi continued showing improvement in operational performance with higher volumes and improved realisations.
• Rallis India registers stable performance despite market challenges.
• Consolidated net debt on 31st December 2017 was Rs. 4,128 Cr against Rs 5,573 Cr on 31st March 2017.

Business-wise Performance:

Consumer Business

• Tata Sampann Multi Grain Khichdi mix was launched in January.
• Tata Salt remains the market leader in national branded salt segment.
• The business continues to focus on growing volumes across categories.

Industrial Chemicals

• Global Chemicals business registered good volumes and profitability due to operational efficiencies.
• Detergent speckles - DetMate and Pharma grade Bicarb - MediKarb was launched in India.

Specialty Chemicals

• Agro Chemicals: Rallis reports stable performance. Digital platform - Dhrishti launched across India. Roll out planned for three crops - cotton, paddy and tomato in Rabi season.
• Nutraceuticals: Project on schedule. Plant to be commissioned in Q4 FY 2019.
• Rubber and Polymer Additives: Project progressing as per plan.

Executive Comment
Mr. R. Mukundan, Managing Director, Tata Chemicals Ltd., said, 'For the quarter under review, I am pleased to report a robust performance from the Indian as well as the Global Chemicals business. Both continue to register improved profitability and efficient operations.

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. 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.

In the farm business, Rallis India along with Metahelix registered a sound performance in the crop protection business, domestic and internationally. Further, we successfully completed the transfer of the Urea business to Yara International in January this year.

With the results of deleveraging the balance sheet and achieving healthy working capital levels now clearly visible, the Company's focus now moves from debt reduction to growth.

Our growth strategy remains focused on leadership in Industrial Chemicals Business, and growth in the Consumer Food Business and Specialty Chemicals led by Agrochemicals, Nutraceuticals and Rubber and Polymer Additives.

About Tata Chemicals
A part of the over US$ 100 billion Tata Group, Tata Chemicals Limited, is a global company with interests in businesses that focus on LIFE -Living, Industrial and Farm Essentials. The story of the company is about harnessing the fruits of science for goals that go beyond business.

Through its Living Essentials portfolio the company has positively impacted the lives of millions of Indians. Tata Chemicals is the pioneer and market leader in India's branded iodised salt segment. Extending its portfolio from salt to other food essentials, TCL unveiled India's first national brand of pulses, followed by a range of spices. Tata Chemicals has been rated as one of the top 10 percent in Business and Consumer brands across all industry and consumer brand categories in India by Superbrands.

The company's Industry Essentials product range provides key ingredients to some of the world's largest manufacturers of glass, detergents and other industrial products. Tata Chemicals currently is the world's third largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America.

With its Farming Essentials portfolio the company through its subsidiary Rallis, has a strong position in the crop protection business.

The Tata Chemicals Innovation Centre is home to world class R&D capabilities in the emerging areas of food sciences, nanotechnology and biotechnology.