83rd Year | 2021-22 | Integrated Annual Report
I hope that you and your families are safe and well. We have been through two years of challenging times posed by the pandemic. The impact continues to be felt with supply chain disruptions and sharp increase in energy, logistics and other input costs. The collective efforts by the medical fraternity, governments and various organisations has enabled the return to normalcy even as we remain vigilant. As a result, FY 2021-22 witnessed faster than expected demand recovery. Global and Indian economies recovered with the growth of 6.1% and 8.2% respectively in FY 2021-22.
As a result, we delivered good performance, with the Company achieving consolidated revenue of ₹ 12,622 Crore, an increase of 24% over FY 2020-21, EBITDA of ₹ 2,305 Crore, an increase of 54% over FY 2020-21.
Our Basic Chemistry portfolio, led by Soda Ash grew by 28% on the back of robust demand recovery across geographies and application sectors especially solar glass, lithium carbonate and sustainable packaging. India emerged as one of the fastest growth markets globally and is expected to remain so in FY 2022-23. US exports recovered well in FY 2021-22. Other key products, Sodium Bicarbonate and Salt also witnessed stable demand.
The Specialty Products revenue grew by 45% in FY 2021-22. Specialty Silica, developed on a proprietary technology, gained significant customer traction and we are planning to expand capacity. Prebiotics and Formulations, developed on a sustainable fermentation platform, also improved its capacity utilisation. The performance of our subsidiary Rallis was affected by raw material supply constraints.
Sustainability is at the very core of resilience. In this regard, we are aligning our businesses along the core principles of Green Chemistry. Our business operations will comply with the sustainability vectors of Climate Change Actions, Circular Economy and Biodiversity. We have committed to reduce our carbon footprint as per the SBTi guidelines. Our Carbon Capture and Utilization (CCU) unit in UK is now fully operational. Our specialty product platforms of Silica and Fermentation technology are further examples of transition to Green Chemistries.
There is a continued thrust to make the organisation agile, customer-centric, service-oriented and data-driven. This enables us to create safer and resilient operations.
Further, as a responsible organisation, we continue to work towards empowering communities near our operations by creating livelihoods, promoting health, wellness and education, providing drinking water and social inclusion. We ensured sustained engagement with all stakeholders including employees, value chain partners and communities.
The Global economic outlook is cautiously optimistic due to the headwinds of rising inflation, supply chain disruptions and increased energy prices caused by geo-politics. The Indian economy is expected to remain one of the fastest growing economies in FY 2022-23.
Tata Chemicals is well positioned to continue its growth journey in FY 2022-23. Green Chemistry and Green applications will continue to be at the heart of our growth. Soda Ash is expected to remain on a growth path in India and around the world with increase in demand for solar glass and lithium carbonate. Green Chemistry based specialty Silica and Prebiotics will continue to draw customer franchise. Specialty silica is an essential ingredient for the green labelling of tyres and Fermentation technology-based Prebiotics are replacing synthetic ingredients in food, feed and pharma sectors.
On behalf of our entire team, I want to thank all our shareholders for their continued guidance and support on our exciting journey ahead as a focussed science-based green chemistry solutions enterprise.
Warm regards,
Managing Director & CEO