India's Tata Chemicals nearly triples Q2 profit

BENGALURU (Reuters) - Tata Chemicals Ltd on Thursday reported a second-quarter profit that nearly tripled, helped by a strong performance in its basic chemistry products segment. The chemical manufacturer's consolidated net profit for the three months ended Sept. 30 came in at 6.28 billion Indian rupees ($76.17 million), compared with 2.21 billion rupees a year ago. The chemical industry in India has shown robust growth and was among the few industries that pulled through the COVID-19 pandemic, as many industries pursued the China-plus-one strategy. The demand for soda ash and bicarb, used to make soaps and detergents and as a raising agent in baked goods, has been witnessing strong growth for the company. The consolidated revenue from operations rose 40.3% to 42.39 billion rupees, elevated by 32.42 billion rupees of basic chemistry products revenue. Agri-input business Rallis India Ltd, a TTCH subsidiary, also reported a 25.9% rise in its September quarter net profit to 710.5 million rupees last week.

($1 = 82.4520 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Janane Venkatraman)