Motilal Oswal's research report on Tata Chemical
TTCH’s consolidate EBITDA missed our estimate due to lower volume (soda ash/salt 156/333KMT v/s estimate of 179/353KMT) and margins (23.3% v/s estimate of 29.5%) in the India business and a subdued performance in Rallis (EBITDA of INR533m v/s estimate of INR725m). It was offset by better-than-expected EBITDA/MT in TCNA (up 2x YoY to USD65), TCEHL (2.7x YoY to GBP94) and TCAHL (4.7x YoY to USD219).
Outlook
We maintain our FY23/FY24/FY25 EBITDA estimates and reiterate our Neutral rating with an SoTP-based TP of INR1,010.
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