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Nirmal Bang Report
Tatva Chintan Pharma Chem Ltd.’s Q4 FY22 Ebitda came in ~12% below our estimate mainly on account of subdued growth in structure-directing agents due to semiconductor chip shortage globally.
As a result, Ebitda margin also came slightly lower sequentially as SDAs enjoy high margins. Management expects the chip shortage issue to continue to impact SDAs’ growth for two more quarters as customers are postponing orders.
However, the underlying demand is still robust. Other segments maintained the growth trajectory.
During the quarter, Tatva Chintan was able to pass on the input cost and freight cost burden to majority of its key clients, including new ones.
In pharma and agrochemicals specialty chemicals segment, Tatva Chintan is working on multiple new products apart from Monoglyme, which should enable strong growth in this segment in the coming years.
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