Tata Chemicals net profit jumps by 88% to Rs. 248 Cr in Q2 of FY21-22

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Tata Chemicals Ltd on Wednesday posted an 88 percent 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 of June 30. Also, cash and cash equivalents stood at Rs 2,950 crore as compared to Rs 3,293 crore as of June 30 this year.

Tata Chemicals 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 digitalization and sustainability,” he added. Shares of the company on Wednesday settled down 1.03 percent to Rs 997.40 apiece on the BSE on Wednesday.