Q2FY24 Quarterly Result Announced for Tata Chemicals Ltd.
Tata Chemicals announced Q2FY24 results: Consolidated Q2FY24: Revenue from operations stood at Rs 3,998 crore as compared to Rs 4,239 crore for Q2FY23. Profit After Tax from continuing operations (pre-MI) was Rs 495 crore as compared to Rs 685 crore for Q2FY23. Company’s gross debt as of September 30, 2023, reduced to Rs 6,048 crore. Revenue for the quarter was down due to lower volumes of soda ash (except for India). EBITDA was impacted due to price decreases in India & Kenya and lower volumes in USA, UK & Kenya. Rallis India recorded consolidated revenues of Rs 833 crore for Q2FY24, a decrease of 12% as compared to Rs 951 crore for Q2FY23. Standalone Q2FY24: Standalone Revenue from operations stood at Rs 1,066 crore as compared to Rs 1,185 crore for Q2FY23. Standalone Profit After Tax from continuing operations was Rs 236 crore as compared to Rs 243 crore for Q2FY23. Demand for soda ash and bicarb is expected to remain stable over the medium term. Commenting on the results, R. Mukundan, Managing Director & CEO, Tata Chemicals, said, “The demand environment for soda ash in domestic markets in India and the 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 has remained relatively stable by staying close to the customers. We endeavor to continue to maintain our market share through customer engagement and have steady contribution margins with a focus on costs and higher value-added products. Our focus will also be to conserve cash and continue to deleverage. Looking beyond the 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.” Result PDF10-11-2023
