Tata Chemicals net profit declined by 68 per cent to Rs 74 crore during the quarter ending June 30, compared to the same period of last year.
The company's net profit stood at Rs 231 crore during the corresponding quarter of 2019-20, the company said in a statement.
Tata Chemicals income from operations on a consolidated basis also declined by 9 per cent at Rs 2,348 crore, compared to Rs 2,584 crore of the corresponding quarter of the previous fiscal.
“Throughout the on-going COVID-19 situation, our focus has been on the safety of our employees while ensuring business continuity. Despite the unprecedented times, we continued the production and supply of the essential commodities after undertaking all necessary safety measures,” Tata Chemicals Managing Director and CEO R Mukundan said.
In the first quarter, the company had adapted to the new normal with a consistent focus on product supply, cash position, optimal CAPEX, and calibrated fixed costs to build up and conserve our healthy cash position, he said.
“During the quarter, there was no material change in our liquidity position, with no borrowings and sufficient credit lines available.“As we step forward, our aim is to move soda ash towards value-added products in the Performance Materials business, consistent growth in Nutrition science and agri-science Businesses and seeding the Energy science business," he added.