Q1FY24 Quarterly Result Announced for Tata Chemicals Ltd.
Tata Chemicals announced Q1FY24 results: Consolidated Q1FY24: Revenue from operations stood at Rs 4,218 crore, up 6%, as compared to Rs 3,995 crore in Q1FY23 Profit After Tax from continuing operations (pre-MI) was Rs 578 crore, down by 10% as compared to Rs 641 crore for Q1FY23 Company’s gross debt as on June 30, 2023, reduced to Rs 5,873 crore Rallis India recorded consolidated revenues of Rs 782 crore for Q1FY24, a decrease of 9% as compared to Rs 863 crore for Q1FY23. Standalone Q1FY24: Revenue from operations at Rs 1,135 crore, down by 7%, as compared to Rs 1,225 crore for Q1FY23 Profit After Tax from continuing operations was Rs 328 crore as compared to Rs 381 crore for Q1FY23 Commenting on the results, R. Mukundan, Managing Director & CEO, Tata Chemicals, 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 the 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 a focus on costs”. Result PDF07-08-2023