Tata Chemicals posts 62pc rise in Q4 profit

BENGALURU, May 03 (Reuters): India's Tata Chemicals Ltd posted a 62 per cent jump in fourth-quarter profit on Wednesday, helped by demand for products such as soda ash, bicarbonate and salt.
The chemical manufacturer's consolidated net profit rose to 7.09 billion rupees ($86.7 million) in the three months ended March 31, from 4.38 billion rupees a year ago.
India, the world's sixth-largest chemical producer, has seen rapid growth, reaping the benefits of many countries and companies looking for alternative sources due to top supplier China's Covid-related supply chain issues.
The basic chemistry products segment, which contributes to more than 85 per cent of revenue jumped 31.7 per cent, while input costs fell 12.1 per cent to 6.30 billion rupees.
Basic chemistry products include soda ash, sodium bicarbonate, salt and marine chemicals, which are widely used in paints, detergents, insecticides, among others.
"We expect (the) sustainability trend will drive the demand for newer applications like solar glass and lithium which will fuel growth," R. Mukundan, the company's managing director and chief executive, said.