Massive 175 per cent dividend announced by this Tata Group company! Find out how they boosted profits by 48 per cent and slashed debt!

Consolidated Gross Debt dropped to Rs 6,296 crore, as compared to Rs 7,024 crore as on 31 March 2022. Also, cash & cash equivalents stood at Rs 2,398 crore

A part of the USD 128 billion Tata Group, Tata Chemicals which is a leading supplier of choice to glass, detergent, industrial and chemical sectors has announced its financial results for the quarter and full year ended March 31, 2023.

On a consolidated basis, for the full year, the income from operations stood at Rs 16,789 crore, up by 33 per cent as compared to Rs 12,622 crore in FY2022. Profit after tax (PAT) on a consolidated basis stood at Rs 2,452 Cr, up by 75 per cent, as compared to Rs 1,400 crore in FY2022. The improved operating performance across geographies reflects higher realisations as compared to FY2022 and efficient cost management.

For the quarter, the Company reported income from operations on consolidated basis at Rs 4,407 crore, up by 27 per cent as compared to Rs 3,481 crore for the corresponding quarter of last year. EBITDA jumped 47 per cent YoY to Rs 965 crore driven by higher realization in all geographies. Consolidated PAT from continuing operations for the quarter was at Rs 694 crore up by 48 per cent as compared to Rs 470 Cr for the corresponding quarter of last year.

Consolidated Gross Debt dropped to Rs 6,296 crore, as compared to Rs 7,024 crore as on 31 March 2022. Also, cash & cash equivalents stood at Rs 2,398 crore, as compared to Rs 2,792 crore as on 31 March 2022.

Interestingly, the Board of Directors has recommended at final dividend of Rs 17.5 which translates to 175 per cent on face value of Rs 10 per equity share.

Commenting on the results, Mr. R. Mukundan, Managing Director & CEO, Tata Chemicals Ltd., said, “The Company has delivered an improved performance during FY2023 as compared to FY2022 across all parameters. The global demand-supply situation is expected to remain balanced over the medium term. We expect sustainability trend 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”