Buy Tata Chemicals ; target of Rs 404: Motilal Oswal

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Motilal Oswal 's research report on Tata Chemicals

Tata Chemicals’ (TTCH) FY20 Annual Report highlights its performance across key product categories and geographies. FY20 was a year of restructuring for TTCH as its Consumer Products division was demerged and merged with Tata Consumer Products (TCPL) with an equity swap ratio of 1:14. TTCH’s revenue/EBITDA in FY20 grew 0.2%/9.5% to ~INR103b/INR19.5b. Key insights highlighted below:

Outlook

We value the stock on SOTP basis to arrive at a target price of INR404. Maintain Buy.

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