Tata Chemicals Q3 Review - Specialty Business May Aid Performance Ahead: ICICI Direct
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ICICI Direct Report
Tata Chemicals Ltd. reported flat revenues to the tune of Rs 2606 crore against our estimate of Rs 2618 crore.
The basic chemical segment revenue was down 1% YoY to Rs 1987 crore while the same from speciality products was up 2% YoY to Rs 618 crore.
Higher growth from Magadi (up 30.5% YoY) along with India (up 7% YoY) and Europe (up 7% YoY) led growth in the basic chemical segment revenue. However, the same declined 14.9% YoY in the U.S. market.
Gross margins witnessed an improvement of 725 basis points QoQ to 79.6%, leading Ebitda to beat our estimates.
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