KR Choksey's research report on Tatva Chintan Pharma Chem
Revenue reported at INR 884Mn (-17.3% yoy / -10.3% qoq) on account of decline in demand for SDAs which has contributed 7% of total revenue as against 52% in Q1FY22. The de-growth in SDAs demand was partly offset by robust growth in other segments. EBITDA reported at INR 152Mn (-41.1% yoy / -30.7% qoq) which is including the effect of foreign exchange (forex) loss worth INR 49.7Mn and EBITDA margin stood at 17.2%. However, EBITDA margin excluding forex loss stood at 22.83% at INR 201.9Mn which is largely in the range of historical performance. Net Profit reported at INR 98Mn (-57.7% yoy / -44.0% qoq), net margin reported at INR 11.1% (-1058bps yoy / -669bps qoq). EPS stood at INR 4.42 in Q1FY23 compared to INR 7.90 in Q1FY22.
We revise our target price at INR 2,548/share (39.0x FY24 EPS) and retain our ACCUMULATE recommendation (12.9% upside).
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