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Nirmal Bang Report
Tata Chemicals Ltd. posted massive miss in Q4 FY21 results due to one-off items hitting U.S. and UK earnings.
Long term outlook is positive based on management comments during the concall about demand returning to pre-Covid-19 volume in all regions (including the troubled U.S. business).
The pressure on pricing outside India is likely to ease by Q4 FY22 as quarterly contract prices are likely to be raised to align with market prices.
We have modelled positives like improving long term outlook for demand growth in Soda Ash.
However we have tempered pricing/margin estimates as annual U.S. contract prices are down $5/tonne and increase in energy/freight cost remains a headwind in FY22.
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