India“s Tata Chemicals Ltd. said 19 October 2004 that it expects revenue to rise 10% year-on-year in the current fiscal year ending March 2005, due to higher product prices and an easing shortage in …
India“s Tata Chemicals Ltd. said 19 October 2004 that it expects revenue to rise 10% year-on-year in the current fiscal year ending March 2005, due to higher product prices and an easing shortage in raw materials supplies. P.K. Ghose, CFO Tata Chemicals, said soda ash sales in the fiscal 2Q ended 30 September 2004 were hurt by the transport and contractor strike in August 2004. But he said the company should be able to offset the lost sales in the 2H of the fiscal year. Prasad Menon managing director of Tata Chemicals said increased demand for soda ash is likely to boost prices by USD 20 a ton in the near term, from the current price of USD 140 a ton. With reference to Tata Chemicals“ overall performance, Menon said the firm expected revenue growth of 10% for the full year, with all product lines contributing to the rise. He declined to comment on the company“s expected net profit for the full year. In the 2Q 2004 Tata Chemicals“ net profit rose 5.1% on year to INR 871.9 million, despite a 9.8% revenue fall to INR7.29 billion, mainly due to a sharp decline in borrowing costs. Tata Chemicals, which belongs to the Tata group, produces chemicals, fertilizers and food additives.