Tata Chemicals MD: Expectations of pre-Covid levels by last quarter of CY 2021, watchful on any surges in Covid

The company released its annual report for the financial year FY21.

Jun 10, 2021 05:06 IST India Infoline News Service

Tata Chemicals MD and CEO Ramakrishnan Mukundan expect a recovery in the last quarter of the current year 2021, however, he said that the company remains watchful of any surges in Covid levels. The company released its annual report for the financial year FY21.

In the annual report, Mukundan told shareholders that "our financial performance reflected the challenging market conditions. The consolidated revenue for the year was Rs10,200cr, EBITDA Rs1,501cr  and PAT Rs436cr. Our focus was on ensuring robust cash flows from operations which were Rs2,037cr on a consolidated basis."

He further said, "in the Performance Materials vertical, Soda Ash witnessed lower demand across key application sectors in FY 2020-21. The US business was most affected, with reduced exports and a sharp decline in prices. Demand revival is anticipated across all units in
FY 2021-22, which will allow us to improve our financial performance."

For the Nutrition Sciences vertical, Mukundan said, "Sodium Bicarbonate and Salt saw stable demand while the fermentation platform has a promising outlook, gaining customer traction with our prebiotic products and customised solutions, which we expect to expand further by adding new customers. The Agri Sciences vertical under Rallis delivered an encouraging performance and growth. Prioritising the safety of teams and agility in fulfilling customer demand despite supply chain bottlenecks were the key elements of resilience in this challenging environment. Overall, the outlook is positive with markets recovering and investments being made across our businesses."

Going forward, he said, "With the business environment steadily improving and an expectation of recovery by the last quarter of CY 2021 to preCovid levels, we remain watchful of any surges of Covid-19. Our three verticals of Performance Materials, Nutrition Sciences and AgriSciences are well-positioned to deliver robust performance and accelerate the transformation of the Company along the vectors of sustainability and good health."

On Sensex, Tata Chemicals finished at Rs748 per piece up by 1.27%.

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