In its latest filings with the exchanges, Tata Chemicals Limited has reported that CRISIL has reaffirmed the credit rating of CRISIL A1+ issued by the rating agency for the company’s commercial paper of Rs 100 crore. Securities with a CRISIL A1+ rating are considered to have a very strong degree of safety regarding the timely payment of financial obligations. Such securities tend to have low credit risks.
Meanwhile, the company also informed that it has carried out some structural reorganizations in order to rationalize the number of intermediate entities in a holding structure of the US operations. These include the conversion of Tata Chemicals (Soda Ash) Partners from a partnership to an LLC, resulting in the name change to Tata Chemicals (Soda Ash) Partners LLC. The company also decided to merge two entities. I.e., TC (Soda Ash) Partner Holdings and TCSAP LLC into Tata Chemicals (Soda Ash) Partners LLC. Also, the merger of an intermediate holding entity i.e., Valley Holdings Inc into Tata Chemicals North America Inc was finalised.
For its Q4FY23, the company reported a 26.60% YoY jump in revenue to Rs 4,407 crore as compared to Rs 3,481 crore during Q4FY22. The net profit was reported at Rs 709 crore, a robust rise of 61.87% YoY from Rs 438 crore in the same quarter of the previous fiscal. The board has recommended a dividend of Rs 17.50 per equity share for the face value of Rs 10 each. The Annual General Meeting is to be held on June 26, 2023, the company said during its exchange filing.
Tata Chemicals is a largecap company, engaged in manufacturing and marketing a range of chemicals, fertilizers, and consumer products. With a strong focus on sustainability and innovation, it strives to provide high-quality solutions for agriculture, food, and industrial sectors worldwide.
On Monday, the shares of TATACHEM surged 4% intraday to hit the day’s high of Rs 1017.95 on NSE.