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Motilal Oswal Report
Tata Chemicals Ltd. reported total revenue of Rs 44.1 billion (our estimate: Rs 44.6 billion) in Q4 FY23, up 27% YoY. Ebitda margin expanded 300 bps YoY to 21.9% (estimate: 22.5%) due to lower raw material costs, employee expenses, and power and fuel expenses as a percentage of sales.
Ebitda stood at Rs 9.65 billion (our estimate: Rs 10 billion), up 47% YoY. Adjusted profit after tax was up 54% YoY at Rs 7.1 billion (our estimate: Rs 5 billion).
Basic chemistry revenue/Ebit grew 32%/70% YoY to Rs 38.2 billion/Rs 8.8 billion and Ebit margins expanded 520 bps YoY/160 bps QoQ to 22.9%.
Specialty products revenue grew 4% YoY to Rs 5.9 billion and the operating loss widened to Rs 930 million from Rs 240 million in Q4 FY22.
For India standalone/Tata Chemicals North America/Tata Chemicals Europe Holdings Ltd./TCAHL, revenue rose 17%/51%/23%/22% YoY to Rs 13 billion/Rs 16.5 billion/Rs 7.1 billion/Rs 2.1 billion while Ebitda margins were down 5%/up 2.5%/up 24.7%/up 8.7% at 19.9%/27.7%/31.8%/43.8%, led by better realisations and a stable cost environment.
For FY23, revenue/Ebitda/adjusted profit after tax increased 33%/66%/85% YoY Rs 168 billion/ Rs 38.2 billion/Rs 23.4 billion.
Net debt as of March 2023 stood at ~Rs 39 billion, down 6% from March 2022, primarily due to the prepayment of debt $155 million in overseas units during the year (Rs 12.5 billion).
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