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Tata Chemicals share slips over 7% on weak Q4 earnings

BusinessToday.In     May 4, 2021

Tata Chemicals share fell over 7% today after the firm reported a 85 per cent fall in consolidated profit after tax in Q4. Tata Chemicals stock touched an intraday low of Rs 721.85 falling 7.79% against previous close of Rs 782.85 on BSE.

The share has lost 7.57% in the last 2 days. The stock opened with a loss of 3.94% today at Rs 752 on BSE.

The share has gained 161% in one year and risen 54% since the beginning of this year. Market cap of the firm fell to Rs 18,724 crore.

Tata Chemicals reported a consolidated profit after tax (PAT) at Rs 29 crore in Q4 against consolidated PAT of Rs 198 crore for the corresponding period of the previous fiscal.

On a consolidated basis, income from operations rose by 11 per cent to Rs 2,636 crore in Q4 compared to Rs 2,378 crore in the corresponding period of 2019-20.

"During the year, we witnessed a sequential improvement in demand and this quarter saw continuation of the same trend. With the second wave of COVID-19, our priority will be the health and safety of our stakeholders and we are undertaking several initiatives to cater to the well-being of the employees and communities,"Tata Chemicals Managing Director and CEO R Mukundan said.

For full year, Tata Chemicals' consolidated PAT fell 58 per cent to Rs 436 crore against Rs 1,028 crore in 2019-20. Income from operations dipped 1.51 per cent at Rs 10,200 crore compared to Rs 10,357 crore.

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