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Motilal Oswal Report
Tata Chemicals Ltd.'s consolidated Ebitda exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the U.S., Africa, and the UK.
Volume growth was steady. However, growth in soda ash realisation was resilient across key geographies.
Globally, demand for soda ash has been buoyant, with a favorable demand-supply scenario. All plants across the industry are running at 95% utilisation levels.
Strong incremental demand is accruing from lithium carbonate batteries and solar panels. The spot market is witnessing a tight demand-supply situation, which will benefit Tata Chemicals.
The challenging environment of inflated input costs (energy and freight) is likely to persist.
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