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ICICI Securities Report
Tatva Chintan Pharma Chem Ltd.'s Q2 FY23 revenue fell 27.1% YoY and Ebitda plunged 68.9% YoY due to lower structure directing agents sales, which seems very disappointing, but we believe this situation is transitory.
Company expects recovery in SDA sales in Q4 FY23 with revival in heavyduty truck sales in China. Non-SDA business revenue growth was strong, and gross profit margin has been impressive. FY24E outlook is significantly improving on the back of:
commercialisation of flame retardant whose product has been approved by two customers;
intermediate product for which two plants are likely to start in FY24, with more in pipeline;
acceleration in electrolyte salt revenue; and
increasing application of SDA in recycling.
Though the Tatva Chintan Pharma's near-term performance is likely to be weak, potential for the next two years remains very strong in our view, and may surprise on the upside.
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