Emkay Research has maintained its buy rating on Tata Chemicals with a target price of Rs 466 in its June 27, 2008 research report. "Tata Chemicals (TCL) Q4FY08 results were below expectations. Net sales declined by 13%YoY to Rs 14.6 billion and EBITDA margins declined by 380 bps to 14.5%. Results were affected due to unsatisfactory performance of the subsidiary BMGL. earnings. PAT (after adjusting for Rs 4.8 billion from profit on sale of investments, Rs 188 million forex loss and Rs 345 million pension liabilities) declined by 45.4% YoY to Rs 751 million."

"As a result we are revising our EPS estimates downward by 17.8% and 11.9% to Rs 33.6 (previous Rs 40.9) and Rs 42.4 (previous Rs 48.1) for FY09E and FY10E, respectively. We are also revising our target price downward by 11.9% to Rs 466 from Rs 529 however our view remains positive on soda ash cycle and we maintain our BUY recommendation on the stock," says Emkay's research report.

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