Tata Chemicals Ltd. declared a net loss of Rs. 841 crore for the FY24 quarter ending in January through March.
In the same time frame last year, the Tata Group company reported a profit of Rs 692 crore. The company announced a dividend of Rs 15 for each share.
In the UK’s soda ash and bicarb businesses, Tata Chemicals recorded a non-cash write-down of assets totaling Rs 963 crore for the year that ended on March 31, 2024. This write-down was declared as an unusual loss.
According to an exchange filing on April 29, the soda ash manufacturer’s revenue decreased by 21.1 percent to Rs 3,475 crore in the fourth quarter from Rs 4,407 crore in the same time last year.
The impairment is mostly caused by unfavorable market conditions, a decline in European demand for soda ash, and the jurisdiction’s ongoingly poor price outlook, which is the basis for the lower revision of the cash flow predictions, according to the company. The impairment of Rs 963 crore is the result of a non-cash write-down of the cash-generating unit, which also includes other assets (net) of Rs 16 crore, property, plant, and equipment of Rs 821 crore, capital work-in-progress of Rs 122 crore, and right-of-use assets of Rs 4 crore that are related to the UK Group operations.
According to an exchange filing, the manufacturer of soda ash reported sales in the fourth quarter of Rs 3,475 crore, down 21.1 percent from Rs 4,407 crore in the same period last year.
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