Motilal Oswal's research report on Tata Chemical
Tata Chemicals (TTCH)’s 2QFY24 consolidated EBITDA declined 11% YoY, primarily due to subdued operating performance in India, Kenya, and the UK. Operating performance weakened due to lower realizations in India and Kenya, coupled with a 20% and 16% YoY decline in soda ash volumes in the UK and Kenya, respectively. We cut our FY24/FY25 EBITDA estimates by 12%/8% due to unfavorable demand-supply dynamics persisting in the global soda ash industry and continued pricing pressure across regions.
Outlook
We reiterate our Neutral rating with an SoTP-based TP of INR920.
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