Tata Chemicals, a global company with interests in businesses that focus living, industry and farm essentials on Thursday reported a 3.67% decline in consolidated profit after tax (PAT) at Rs 1,608.5 million for the third quarter ended December 2020.

The company's PAT stood at Rs 1,669.7 million during the corresponding period of 2019-20.

Income from operations on a consolidated basis dipped 0.7% to Rs 26,060 million as compared to Rs 26,233 million in the same quarter of the previous fiscal.

On a standalone basis, the income from operations rose by 7% to Rs 8,120 million, as compared to Rs 7,590 million of the corresponding quarter of last year. PAT, from continued operations stood at Rs 1,160 million, compared to Rs 1,370 million for the same period last year.

The Company's income from operations on consolidated basis for Basic Chemistry Products segment stood at Rs 19,870 million, down by 1% and Specialty Products segment at Rs 6,180 million, up by 2%, as compared to the corresponding quarter of last year.

Commenting on the results, R. Mukundan, Managing Director & CEO, Tata Chemicals, said, "During Q3, we have witnessed sequential improvement in demand, even as we navigate the margin pressures through agile execution of cost efficiencies.

"While we are focusing on business continuity, the health and safety of our employees and partners, still remain our priority. In the coming quarters, we expect a greater recovery in production and demand, given the commencement of the vaccination drive in India," he added.

"Our business strategy going forward will be scaling up the value chain across our verticals with increased efforts towards R&D and innovation,"  Mukundan said.

Shares of the company declined Rs 3.10, or 0.63%, to settle at  Rs 489.80.  The total volume of shares traded  was 252,488 at the BSE (Thursday).