Tata Chemicals Limited reports FY2024 financial results; declares dividend of Rs. 15 per share

• Consolidated Income from Operations for the year FY2024 stood at Rs. 15,421 Cr down by 8% and Consolidated EBITDA stood at Rs. 2,847 Cr down by 26%.
• During Q4FY24, the Group has recognised a non-cash write-down of assets with respect to UK (Lostock Plant), aggregating to Rs. 963 Cr which has been disclosed as an exceptional loss. 
• Dividend proposed at Rs. 15 per share.

April 29, 2024: Tata Chemicals Limited today declared its financial results for the quarter and full year ended March 31, 2024.  On a consolidated basis, for the full year, the income from operations stood at Rs. 15,421 Cr as compared to Rs. 16,789 Cr in FY2023. EBITDA stood at Rs. 2,847 Cr as compared to Rs. 3,822 Cr in FY2023. PAT (before exceptional items and Non-Controlling Interest (‘NCI’)) stood at Rs. 1,310 Cr as compared to Rs. 2,452 Cr in FY2023.

On a standalone basis, for the full year, the income stood at Rs. 4,384 Cr as compared to Rs. 4,930 Cr in FY2023. PAT stood at Rs. 794 Cr (before exceptional items) as compared to Rs. 1,027 Cr in FY2023.

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 Cr 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.”

Consolidated Highlights Q4FY24

• Consolidated Revenue from operations stood at Rs. 3,475 Cr as compared to Rs. 4,407 Cr for corresponding quarter of last year.
• Consolidated Profit After Tax (before exceptional items and NCI) from continuing operations was Rs. 145 Cr as compared to Rs. 694 Cr for corresponding quarter of last year.
• Revenue and EBITDA were impacted due to lower volumes of soda ash and pricing pressure across all regions.
• Group has recognized, a non-cash write-down of assets aggregating to Rs. 963 Cr in UK, which has been disclosed as an exceptional loss.
• Consolidated gross debt stood at Rs. 5,563 Cr lower by Rs. 733 Cr as compared to corresponding quarter of last year and net debt stood at Rs. 4,163 Cr higher by Rs. 265 Cr as compared to corresponding quarter of last year.

Standalone Highlights Q4FY24

• Standalone Revenue from operations stood at Rs. 1,090 Cr as compared to Rs. 1,302 Cr for corresponding quarter of last year.
• Standalone Profit After Tax from continuing operations was Rs. 217 Cr as compared to Rs. 213 Cr 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 statement of Financial Results for the quarter and year ended 31 March, 2024

Standalone statement of Audited Financial Results for the quarter and year ended 31 March, 2024