Glass decline impacts Tata Chemicals finances

A decline in demand from the container and flat glass manufacturing sectors impacted the financial results of a raw material supplier.

Tata Chemicals reported a drop in profit of 60.3% compared to the previous year at Rs158 crore from Rs 398 crore in the corresponding period of the previous year.

Tata Chemicals Managing Director and CEO R Mukhandan said: "The demand environment for soda ash in our domestic markets as well as international markets was challenging during the quarter.

“This was especially so in the container glass and flat glass sectors in Europe and the Americas, which led to a pressure on volumes and prices.”

"Our endeavour is to continue to maintain our market share through customer engagement and have steady contribution margins with focus on costs and higher value-added products,” he added.