Tata Chemicals’ Q2 net profit jumps 88% on rebound in soda ash volumes

Tata Chemicals’ Q2 net profit jumps 88% on rebound in soda ash volumes

Ltd on Wednesday posted an 88 per cent jump in its consolidated net profit to Rs 248 crore in the second quarter of the financial year 2021-22, mainly due to a rebound in soda ash volumes in the US and India.

Net profit stood at Rs 132 crore in the same quarter previous fiscal, according to a regulatory filing.

Net income rose on a consolidated basis to Rs 3,023 crore in the second quarter of the financial year 2021-22, from Rs 2,509 crore in the year-ago period.

Expenses remained high at Rs 2,805.49 crore as against Rs 2,499.16 crore in the said period.

The company said its consolidated gross debt stood at Rs 7,108 crore, compared with Rs 7,284 crore as on June 30. Also, cash and cash equivalents stood at Rs 2,950 crore as compared to Rs 3,293 crore as on June 30 this year.

Managing Director R Mukundan said, “With the re-opening of businesses in all markets, the overall demand environment continues to be positive. While this positive momentum is expected to continue, the supply-side environment especially on energy costs and supply chain poses a challenge.”

The team has responded well to ensure that customers are served with agility. “We continue our long-term focus on excellence by leveraging digitalisation and sustainability,” he added.

Shares of the company on Wednesday settled down 1.03 per cent to Rs 997.40 apiece on the BSE on Wednesday.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link