Fourth-quarter profit after tax at Rs 24 crore; positive change of Rs 155 crore
	Financial year 2002: profit from operations up 25 per cent to Rs 423 crore
	Marketing and operational initiatives strengthen performance across all core businesses

Announcing the results for the financial year 2002, Prasad Menon, managing director, Tata Chemicals, said "Soda ash, salt and fertilisers are our distinctive core businesses and we have delivered encouraging operating performance across all these areas. More importantly, we continue to strengthen our level of economic advantage in each of these businesses through efficiency and marketing-led programmes that augment the long-term sustainability of our operations. We plan to further intensify implementation of new strategies and initiatives in the future with the objectives of being a dynamic operation and raising our competitive position at a global level. I maintain an optimistic outlook and remain confident that we will deliver an even better business performance in the current year."

	Income from operations advance 22 per cent to Rs 415 crore from Rs 341 crore.
	Operating profits increase 245 per cent to Rs 114 crore from Rs 33 crore.
	Interest cost reduces by 56 per cent to Rs 17 crore from Rs 39 crore.
	Profit before tax shows a substantial improvement with a profit of Rs 67 crore compared to a loss of Rs 126 crore.
	Profit after extraordinary items, current tax and deferred tax at Rs 24 crore compared with a loss of Rs 130 crore.

Highlights: Business and operations for financial year 2002:

	Initiated 'Manthan' — an efficiency-led project, in consultation with McKinsey, with the objective of becoming one of the lowest-cost producers of synthetic soda ash globally.
	Achieved annual cost savings of Rs 15 crore through operational efficiencies.
	Reoriented marketing function to transform into a marketing-led organisation from a production-led operation — strengthened team at corporate and field level, created key account management teams, emphasised sector-wise product customisation.
	Successfully restored market position post-normalisation of operations after fire at Mithapur complex.
	Expanded exports of soda ash to new regional markets as the initial step towards becoming an international player within the sector.

	Maintained leadership position at national level with an increase in market share to 39 per cent in March 2002 — remains a leading salt brand in the country ahead of Captain Cook and Annapurna combined.
	Reorganised the marketing set-up from a national distributor to 29 distributors and 24 supply chain partners to achieve greater and direct market penetration — already achieved initial success in the southern market which was previously not tapped to complete potential.
	Revamped marketing team by introducing specialist managers in brand management, promotions and sales.
	Commenced exports of salt by tapping the Middle-East and regional markets.
	Launch of second salt brand Samundar in Tamil Nadu in the economy category of solar refined salt which complements the leading presence of Tata Salt in the premium segment.

	Maintained leadership position as one of the world's most efficient producers.
	Continued normal operations in a regulated operating environment.

Highlights: Financial performance for financial year 2002

	Income from operations marginally lower at Rs 1,481 crore compared with Rs 1,502 crore.
	Operating profits increase by 25 per cent to Rs 423 crore from Rs 339 crore.
	Multiple financial initiatives including restructuring of debt reduces interest cost by 32 per cent to Rs 110 crore from Rs 162 crore.
	Profit before tax increases to Rs 200 crore from Rs 186 crore.
	* Profit after extraordinary items, current tax and deferred tax at Rs 127 crore compared with Rs 165 crore.

* Financial year 2001 included gain of Rs 219 crore from sale of investments under 'other income', and an extraordinary expense of Rs 77 crore towards downward revision of fertiliser retention prices.

	Operational performance view remains positive across all core businesses.
	Financial year 2002 performance was impacted due to a major fire at the Mithapur inorganic chemicals complex. Operations have since stabilised from the last quarter of financial year 2002.
	Higher efficiencies through cumulative benefits that accrue from continuous cost reduction, transformation into a marketing-led operation across all activities and the tapping of regional exports markets will be the key drivers of operating growth and increased profitability in financial year 2003.

Some of the statements in this document that are not historical facts are forward looking statements. These statements are based on the present business environment and regulatory framework. We assume no responsibility for any action taken based on the said information, or to update the same as circumstances change.