BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Tata Chemicals Ltd.’s FY20 Annual Report highlights its performance across key product categories and geographies. FY20 was a year of restructuring for Tata Chemicals as its Consumer Products division was demerged and merged with Tata Consumer Products Ltd. (TCPL) with an equity swap ratio of 1:14. Tata Chemicals revenue/Ebitda in FY20 grew 0.2%/9.5% to approximately Rs 103 billion/Rs 19.5 billion.
Tata Chemicals India Soda Ash business reported revenue decline of 10% to Rs 14.8 billion, primarily due to significant 9% drop in volumes (to 634 kilo metric tonne) and 1% decline in realizations. This was due to an oversupplied market (including increased imports) and decline in Soda Ash prices.
Tata Chemicals North America (TCNA) revenues declined marginally by 0.3% YoY to 480 million U.S. dollar in FY20, mainly due to 1% drop in realizations (to 215 U.S. dollar per metric tonne).
However, this was offset by marginal 0.6% increase in sales volume (to 2.23 million metric tonne). TCNA revenue (in Rs. terms) inched up 1% YoY to Rs 34 billion while Ebitda increased 8.5% YoY to Rs 7.4 billion.
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