Tata Chemicals reported its earnings for the quarter ended March after market close on Monday.
What Happened: The Tata Group company reported a net loss of ₹841 crore in the January-March quarter, a swing from the profit of ₹692 crore recorded during same period a year ago.
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Tata Chemicals booked an exceptional loss of ₹963 crore. The loss was primarily related to operations in the United Kingdom. “The ₹963 crore impairment is primarily due to unfavorable market conditions and reduced demand for Soda Ash in Europe and the persistently low pricing outlook in the jurisdiction based on which the cash flow projections have been revised downward,” the company disclosed in the exchange filing.
Revenue for the quarter dropped around 20% to 3,475 crore compared to ₹4,407 crore in the year-ago period. Shares of the company were struggling on the bourses ahead of the results.
Last week, the company’s listed subsidiary Rallis India posted its March quarter results. The company booked a loss of ₹21 crore and revenue of ₹436 crore. Post the results analysts at Kotak Securities cut price target on the stock to ₹200.
Price Action: Tata Chemicals’ share price was down 2.01% to close at ₹1,099.50 on Monday.
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