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Motilal Oswal Report
Tata Chemicals Ltd.’s consolidated Ebitda was ahead of our estimate, even after adjusting for one-time insurance gain.
Ebitda performance was above our estimates across geographies (barring Europe). Performance in North America was hit by a fall in exports and pressure on realizations.
Its India operations clocked higher volumes, but margin was impacted due to pressure on realization.
Factoring in Q3 performance, we have raised our FY21E earnings estimate by 20% and by 12% each for FY22E/FY23E on the back of an expansion at the Mithapur plant.
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