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Tata Chemicals - Q1FY21 Result Update - ICICI Securities

Posted On: 2020-08-04 09:31:23

Tata Chemicals (TCL) reported a fall in revenue of 9% YoY to Rs. 2348 crore, largely dragged by poor soda ash sales volumes from US & Magadi regions. Basic chemical revenue from the US fell 26.7% YoY to Rs. 619 crore while the same from Magadi remained at Rs. 100 crore (-20.6% YoY). Revenue from India fell 5.1% YoY to Rs. 637.3 crore, largely assisted by a change in the product mix towards high value products. The realisation growth from India business was at 29.8% YoY to Rs. 45,850/tonne. The basic chemical revenue from the Europe region was up 2.9% YoY to Rs. 316 crore. Lower gross margins (-771 bps YoY) dragged OPM, which contracted 461 bps YoY to 15.3% leading to EBITDA de growth of 30% YoY to Rs. 360 crore. In terms of geography wise OPM break up in the basic chemical segment, OPM for India fell 184 bps YoY to 27.7% while North America & Magadi fell 1671 bps YoY & 587 bps YoY to 5.7% & 10%, respectively. On the other hand, Europe margins rose 300 bps YoY to 8.9%. PAT was down 91% YoY to Rs. 13.3 crore, impacted by subdued operational performance and lower other income (-32% YoY), higher finance cost (+25% YoY) & depreciation (+17% YoY).

Valuation & Outlook

We value the company on an SOTP basis and arrive at a target price of Rs. 285 including the investment portfolio value. We have a HOLD recommendation on the stock.

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Shares of TATA CHEMICALS LTD. was last trading in BSE at Rs.296.85 as compared to the previous close of Rs. 298.1. The total number of shares traded during the day was 65992 in over 2060 trades.

The stock hit an intraday high of Rs. 302 and intraday low of 296.1. The net turnover during the day was Rs. 19648080.

Source: Equity Bulls

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