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Last Updated : Aug 09, 2019 11:01 AM IST | Source: Moneycontrol.com

Tata Chemicals gains 3% on strong Q1 earnings, profit jumps 19% on robust sales

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 21 percent YoY during June quarter, to Rs 592 crore.

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Shares of Tata Chemicals gained nearly 3 percent intraday on August 9 after the company reported a 19.47 percent jump in consolidated net profit at Rs 312.59 crore for the quarter ended June 2019 on the back of strong sales.

Net income of the company increased to Rs 2,984.79 crore from Rs 2,850.77 crore in the same quarter of the previous fiscal, the company said in an exchange release.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 21 percent YoY during June quarter to Rs 592 crore.

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"The company has posted a healthy growth on a consolidated basis across all business segments," Tata Chemicals Managing Director R Mukundan said.

"Our investment in a bicarbonate unit in the UK using innovative carbon capture process and Mithapur plant(in Gujarat) expansion will provide significant thrust to our growth," he said, adding the company is elated to have received the environment clearance for the expansion at Mithapur plant.

The company will continue to focus on its nutritional science and material sciences business towards scale by strengthening the innovative funnel to ensure aggressive growth in the Specialty Products Business, Mukundan added.

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First Published on Aug 9, 2019 11:01 am
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