BackTata Chemicals reduces losses by 93%, misses market expectations
During the March quarter, the company wrote off `196 crore in its chemicals business and other assets
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Mumbai: Tata Chemicals Ltd reduced its March quarter losses to ₹ 74 crore from ₹ 1,225 crore in the year-ago period, missing market expectations of a net profit.
During the quarter, the company wrote off ₹ 196 crore in its chemicals business and other assets.
Quarterly income remained flat at ₹ 3765.38 crore, against ₹ 3752.35 crore in the year-ago period. A Bloomberg poll of eight brokers had estimated median net sales of ₹ 3910.60 crore and net profit ₹ 166.30 crore.
“During the current year, the group has recognised a non-cash write down of goodwill of ₹ 8.52 crore and other assets aggregating to ₹ 188.43 crore primarily relating to the chemical and bio-fuel business," the company said in a statement to BSE.
On Wednesday, shares of Tata Chemicals closed 3.84% lower at ₹ 428.10 per share, while the benchmark Sensex closed 0.12% higher at 27,564.66 points.
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