Following a 12% reduction in Q1 profit due to a reduced operating margin, Tata Chemicals drops 2.97%

8 Aug 2023 , 09:17 AM

Following underwhelming results for the June quarter, Tata Chemicals’ stock fell about 2% in early trade on August 8. The stock was down 2.97% at Rs 1,08.3 on the NSE at 14.15 pm.

For the quarter that ended in June of FY24, the Tata Group company reported a combined profit of Rs 523 crore, a loss of 11.8% from the equivalent quarter in the previous fiscal year. EBITDA climbed by 2.8% to Rs 1,043 crore, while revenue from operations improved by 5.6% year over year to Rs 4,218 crore. However, the margin decreased by 70 basis points in Q1FY24.

The company disclosed additional information, stating that its earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 2.8% to Rs 1,043 crore in Q1FY24 from Rs 1,015 crore in the corresponding period of FY23. For Q1FY23, the EBITDA margin was reported at 24.7% compared to 25.4% year over year.

The consolidated gross debt decreased from Rs 6,296 crore on March 31, 2023, to Rs 5,873 crore as of June 30, 2023. Additionally, the firm reported that as of 30 June 2023, cash and cash equivalents were Rs 1,544 crore as opposed to Rs 2,398 crore as of 31 March 2023.

For feedback and suggestions, write to us at [e-mail]