Revenue for the quarter was down due to lower volumes of soda ash (except for India)
Tata Chemicals Limited declared its financial results for the quarter and half year ended September 30, 2023. On a consolidated basis, for the quarter, the income from operations stood at Rs. 3,998 crore, as compared to Rs. 4,239 crore in the corresponding quarter of last year (Q2FY23). Revenue for the quarter was down due to lower volumes of soda ash (except for India).
EBITDA on a consolidated basis, stood at Rs. 819 crore for the quarter, as compared to Rs. 920 crore in Q2FY23. EBITDA was impacted due to price decrease in India & Kenya and lower volumes in USA, UK & Kenya.
PAT on a consolidated basis, stood at Rs. 495 crore, for the quarter, as compared to Rs. 685 crore in Q2FY23. PAT includes an exceptional item of Rs. 102 crore.
For the quarter, on a standalone basis, the income stood at Rs. 1,066 crore, as compared to Rs. 1,185 crore in Q2FY23. PAT on a standalone basis stood at Rs. 236 crore, as compared to Rs. 243 crore for the corresponding quarter of last year. PAT includes an exceptional item of Rs. 102 crore.
As on 30 September 2023, consolidated Gross Debt dropped to Rs. 6,048 crore, as compared to Rs. 6,296 crore as on 31 March 2023. Also, as on 30 September 2023, cash & cash equivalents stood at Rs. 1,701 crore, as compared to Rs. 2,398 crore as on 31 March 2023.
Commenting on the results, R. Mukundan, Managing Director & CEO, Tata Chemicals Limited, said, “The demand environment for soda ash in domestic markets in India and US was stable. In other markets, softness was observed especially in container glass and flat glass sectors, leading to pricing pressure. The Company’s market share in key markets have remained relatively stable by staying close to the customers. 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. Our focus will also be to conserve cash and continue to deleverage. Looking beyond short term, we expect the medium-term demand – supply situation to remain balanced driven by the sustainability trends especially for applications like solar glass and lithium.”
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