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Motilal Oswal Report
Tata Chemicals Ltd.'s operating performance was muted across geographies (barring Europe) and in Rallis. This was primarily led by North America, wherein Ebitda declined 81% YoY on lower volume offtake.
Tata Chemicals consolidated revenue declined 9% YoY to Rs 23.5 billion (estimate Rs 24.7 billion), with the Ebitda margin contracting 460 basis points YoY to 15.3% (estimate 18.3%).
This was primarily on account of the absence of operating leverage and higher raw material cost, offset by lower freight and power costs. Ebitda de-grew 30% YoY to Rs 3.6 billion (estimate Rs 4.5 billion).
Adjusted profit after tax declined 92% YoY to Rs 133 million (estimate Rs 1,824 million); decline in adjusted PAT was higher due to higher interest cost (up 25% YoY), higher depreciation (up 17% YoY), and lower other income (down 32% YoY). Other income declined on lower interest income and dividends.
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