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Commodity Chemicals company Tata Chemicals announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
Standalone:
- Standalone Revenue from operations stood at Rs 1,090 crore as compared to Rs 1,302 crore for corresponding quarter of last year.
- Standalone Profit After Tax from continuing operations was Rs 217 crore as compared to Rs 213 crore for corresponding quarter of last year.
- Highest salt production & sales were witnessed during the current quarter. However, Company witnessed lower soda ash volumes and prices and the future price trend is expected to be at same level.
Consolidated:
- Consolidated Revenue from operations stood at Rs 3,475 crore as compared to Rs 4,407 crore for the corresponding quarter of last year.
- Consolidated Profit After Tax (before exceptional items and NCI) from continuing operations was Rs 145 crore as compared to Rs 694 crore for corresponding quarter of last year.
- Revenue and EBITDA were impacted due to lower volumes of soda ash and pricing pressure across all regions.
FY24 Financial Highlights:
Consolidated:
- For the full year, the income from operations stood at Rs 15,421 crore as compared to Rs 16,789 crore in FY23.
- EBITDA stood at Rs 2,847 crore as compared to Rs 3,822 crore in FY23.
- PAT (before exceptional items and Non-Controlling Interest (‘NCI’)) stood at Rs 1,310 crore as compared to Rs 2,452 crore in FY23.
Standalone:
- For the full year, the income stood at Rs 4,384 crore as compared to Rs 4,930 crore in FY23.
- PAT stood at Rs 794 crore (before exceptional items) as compared to Rs 1,027 crore in FY23.
Commenting on the results, R. Mukundan, Managing Director & CEO, Tata Chemicals Limited, said, “Overall demand for soda ash in India stayed stable during the quarter on account of rising demand from the detergent and chemical sectors. During the year, salt production & sales were at the highest level. The European soda ash market remained under pressure due to muted demand and margin pressure leading to one-time non-cash charge of Rs 963 crore in UK. The Company’s overall sales volume grew sequentially from the previous quarter, despite adverse price movement on account of market factors. We continue to focus on customer engagement and sustainable performance, whilst maintaining a prudent balance sheet.
Global demand is stable; however, market remains cautious due to ongoing geopolitical instabilities, pressure from Chinese real estate market, high interest rates and situation of oversupply. We expect sustainability trend will drive the demand for newer applications like solar glass and lithium which will fuel growth. Our focus is on timely execution of expansion projects and efficient cost management. We continue to work with our customers and other stakeholders on our sustainability and digitisation efforts.”
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