BackTata Chemicals Q3 profit falls 45.43% to Rs129.94 crore
Tata Chemicals profit fell from a year ago due to lower sales and higher inventory expenses
Premium
Mumbai: Tata Chemicals Ltd on Wednesday said its December quarter (Q3) consolidated net profit fell 45.43% from a year ago due to lower sales and higher inventory expenses.
Net profit for the quarter stood at ₹ 129.94 crore as against ₹ 238.12 crore a year ago.
Net sales fell 2.5% to ₹ 4,596.67 crore from ₹ 4,715.47 crore a year ago.
According to seven Bloomberg analyst estimates, the company was expected to post net profit of ₹ 254.50 crore on net sales of ₹ 4,888 crore.
Changes in inventories of finished goods, work-in progress and stock in trade jumped 500% to ₹ 929.89 crore in December quarter to ₹ 155.73 crore a year ago.
Finance cost rose 33.7% from a year ago to ₹ 159.64 crore.
On Wednesday, shares of Tata Chemicals closed at ₹ 349.90 on BSE, down 4.7% from previous close while India’s benchmark index Sensex fell 1.09% to close at 23,758.90 points.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
