Tata Chemicals is trading lower by 2% at Rs 301 after reporting a consolidated net loss of Rs 188 crore for the quarter ended March 31, 2013 (Q4) due to exceptional loss of Rs 515 crore. The world’s second largest soda ash maker had a net profit of Rs 139 crore in the same period a year ago.
Net sales declined 2.18% to Rs 3,392 crore from Rs 3,467 crore during the recently concluded quarter.
The company has written down the assets worth of Rs 387 crore and goodwill of Rs 97 crore relating to the European operations during the quarter.
The Tata Group firm said that a soft fertilizer market and delay in subsidy payout had an impact on cash flow in the March quarter.
The company expects a muted performance going forward even though there is a positive tail wind from expectations of a normal monsoon as announced by the weather bureau due to softness in fertilizer segment.
“We expect times to be challenging both domestically and internationally and this coupled with liquidity crunch due to delayed payment of subsidy continues to drag the company’s performance,” said R Mukundan, managing director of Tata Chemicals.
The stock opened at Rs 304 and hit a 52-week low of Rs 299 on BSE. A combined 236,574 shares have changed hands on the counter till 1000 hours on BSE and NSE.
Net sales declined 2.18% to Rs 3,392 crore from Rs 3,467 crore during the recently concluded quarter.
The company has written down the assets worth of Rs 387 crore and goodwill of Rs 97 crore relating to the European operations during the quarter.
The Tata Group firm said that a soft fertilizer market and delay in subsidy payout had an impact on cash flow in the March quarter.
The company expects a muted performance going forward even though there is a positive tail wind from expectations of a normal monsoon as announced by the weather bureau due to softness in fertilizer segment.
“We expect times to be challenging both domestically and internationally and this coupled with liquidity crunch due to delayed payment of subsidy continues to drag the company’s performance,” said R Mukundan, managing director of Tata Chemicals.
The stock opened at Rs 304 and hit a 52-week low of Rs 299 on BSE. A combined 236,574 shares have changed hands on the counter till 1000 hours on BSE and NSE.
