Tata Chemicals Limited today declared its financial results for the quarter ended June 30, 2023. On a consolidated basis, for the quarter, the revenue from operations stood at Rs. 4,218 crore, as compared to Rs. 3,995 crore in the corresponding quarter of last year.

EBITDA on a consolidated basis, stood at Rs. 1,043 crore for the quarter, as compared to Rs. 1,015 crore in for the corresponding quarter of last year. PAT from continuing operations on a consolidated basis, stood at Rs. 578 crore, for the quarter, as compared to Rs. 641 crore in for the corresponding quarter of last year. The company’s performance reflects better realisations partly impacted by lower volumes.

For the quarter, on a standalone basis, the revenue stood at Rs. 1,135 crore, as compared to Rs. 1,225 crore in for the corresponding quarter of last year. PAT on a standalone basis stood at Rs. 328 crore, as compared to Rs. 381 crore for the corresponding quarter of last year.

As on 30 June 2023, consolidated gross debt dropped to Rs. 5,873 crore, as compared to Rs. 6,296 crore  as on 31 March 2023. Also, as on 30 June 2023, cash & cash equivalents stood at Rs. 1,544 crore, as compared to Rs. 2,398 crore as on 31 March 2023.

Commenting on the results, R. Mukundan, Managing Director & CEO, Tata Chemicals Ltd., said: “The company has delivered a satisfactory performance during Q1FY24 as compared to Q1FY23 despite a challenging environment. The soda ash prices got adversely impacted as many customers delayed their purchasing decisions due to new supplies expected from Inner Mongolia, China. This was further impacted by slower growth in Chinese economy post-COVID and softening of industrial production in developed economies and this may persist in the near term. The company had to adopt agile pricing to maximize volumes and ensure optimum utilization of capacity. We expect that the sustainability trend will continue to positively impact the demand for newer applications like solar glass and lithium in the medium to long term. Our focus is to ensure that we maintain our market share through customer engagement and continued agile pricing, and to ensure steady contribution margins with focus on costs”.