Tata Chemicals consolidated its PAT down 85 pc to Rs 29 cr
The company’s consolidated PAT stood at Rs 198 crore for the corresponding period last year, Tata Chemicals said in a statement.
On a consolidated basis, operating profit increased 11% to Rs 2,636 crore in the quarter under review compared to Rs 2,378 crore in the corresponding period of 2019-20.
“Over the year we have seen a sequential improvement in demand and this quarter saw a continuation of the same trend.
“With the second wave of COVID-19, our priority will be the health and safety of our stakeholders and we are undertaking several initiatives to ensure the well-being of employees and communities,” said General Manager and CEO of Tata Chemicals , R Mukundan. .
The company’s quarterly profits were subdued due to the one-time effect on US operations caused by the polar vortex causing gas prices to rise sharply, he noted.
“There was a one-off in the UK operations due to the write-off of tax assets and refinancing costs. We are seeing spot soda ash prices strengthening, which will ease the pressure on margins sequentially over the next few quarters.
“Going forward, the time-limited commissioning of capacities in Mithapur and Dahej in Gujarat, coupled with the growth of specialty products, are essential steps towards business transformation,” he added. .
For the full year, Tata Chemicals’ consolidated PAT fell 58% to Rs 436 crore from Rs 1,028 crore in 2019-20.
Operating profit fell 1.51 percent to Rs 10,200 crore from Rs 10,357 crore.
The company’s share closed at Rs 782.85 on Monday, down 1.28% on BSE. PTI SM ABM ABM
Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI