Motilal Oswal's research report on Tata Chemicals
TTCH’s 1QFY25 consolidated EBITDA declined 45% YoY, due to subdued operating performance across geographies, with India/US/UK/Kenya reporting EBITDA decline of 19%/58%/84%/61% YoY. Factoring in weak 1Q performance and pricing-led margin pressure across geographies, we cut our FY25/FY26 EBITDA estimates by 6%/3%. Reiterate our Neutral rating with an SoTP-based TP of INR980.
Outlook
Factoring in weak 1Q performance and pricing-led margin pressure across geographies, we cut our FY25/FY26 EBITDA estimates by 6%/3%. Reiterate our Neutral rating with an SoTP-based TP of INR980.
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