Shares of this mid-cap Tata Group stock fell up to 3.50 percent on Tuesday after releasing financial results for Q1FY23-24.
With a market capitalization of Rs 25,730 crores, the stocks of Tata Chemicals Limited opened at Rs 1,010 on Tuesday and currently trade at the same price. The intra-day low price of Rs 1,002.30 apiece today indicates a drag of approximately 3.50 percent as compared to the previous closing price of Rs 1,039.20.
Such negative sentiments in the markets were observed after the company, through a regulatory filing with the exchange dated 7th August 2023, announced the financial results for the quarter ended June 2023.
QoQ, the company reported a reduction in the prime business indicators such as operating revenues and net profits. The former went down from Rs 4,407 crores during Q4FY22-23 to Rs 4,218 crores during Q1FY23-24, and, the net profits, during the same period, took a downshift from Rs 692 crores to Rs 587 crores representing a dip of around 15 percent.
In addition to the above, having a glance at the YoY numbers, the metrics discussed above showed opposing movements with the operating revenues increasing from Rs 3,995 crores during Q1FY22-23 to Rs 4,218 crores during Q1FY23-24, and, the net profits, like the recent quarter performance, moving down from Rs 637 crores to Rs 587 crores.
The latest shareholding data, i.e., for the June 2023 quarter, portray the Promoters holding a 37.98 percent stake, and the Foreign Institutional Investors (FIIs) holding a considerable stake of 14.47 percent in the company.
Tata Chemicals Limited is engaged in the business of manufacturing and selling a wide range of chemicals as well as agricultural products.
With maximum revenue generation from operations within India, the company has three broad business segments, viz, “Inorganic Chemicals” which comprises caustic soda, marine chemicals, etc, “Agri Inputs” which comprises pesticides, traded seeds, etc, and, “others” which include spices, pulses, etc.
Written by Amit Madnani
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