Tata Chemicals announced on Thursday that its consolidated net profit for the second quarter ending September 2024 fell by 54.67% to ₹194 crore. This is a decrease from ₹428 crore in the same period last year, according to the company’s regulatory filing.
The company’s revenue from operations remained nearly flat at ₹3,999 crore, compared to ₹3,998 crore during the same quarter last year.
R. Mukundan, Managing Director and CEO of Tata Chemicals, stated that the overall demand for soda ash in India was stable, although some sectors, like container glass in the Americas and Europe, saw weaker demand. He also mentioned that heavy rains in July and August affected operations at Mithapur, leading to lower production compared to the previous quarter, which impacted profit margins.
Despite these challenges, Mukundan noted that the company’s overall performance improved compared to the last quarter, thanks to increased sales volume and better prices for soda ash.
“We are focusing on engaging with customers and maintaining stable operations while ensuring consistent profit margins and managing costs. We are also working with customers and stakeholders on our sustainability and digitization initiatives,” he added.
On Thursday, shares of Tata Chemicals closed at ₹1,073.70, down 2.41% on the BSE.
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