Tata Chemicals Q2 Profit Down 55% to Rs 194 Crore

Mumbai, Oct 17 (PTI) Tata Chemicals on Thursday reported a 54.67 per cent decline in its consolidated net profit at Rs 194 crore during the second quarter ended September 2024.

The company's net profit stood at Rs 428 crore during the corresponding period of the previous fiscal, Tata Chemicals said in a regulatory filing.

Revenue from operations of the company was flat during the quarter under review at Rs 3,999 crore compared to Rs 3,998 crore during the same period of FY24.

"Overall demand for soda ash in India was stable, while some segments like container glass in Americas and Europe experienced muted demand.

"Unprecedented heavy rains in July and August impacted Mithapur operations leading to lower production as compared to the previous quarter, thus impacting margins," Tata Chemicals Managing Director and CEO R Mukundan said.

However, he said, the company's overall performance was better as compared to previous quarter due to higher sales volume, coupled with higher realisation of soda ash.

"Our focus is on customer engagement and stable operations, while ensuring steady contribution margins with a focus on costs. We continue to work with our customers and other stakeholders on our sustainability and digitisation efforts," he added.

Shares of the company on Thursday closed at Rs 1,073.70, down 2.41 per cent on BSE.