Tata Chemicals Q4 Review - One-Offs Impact Margins; Volumes Back On Track: ICICI Direct
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ICICI Direct Report
Tata Chemicals Ltd.'s Q4 FY21 revenues grew 11% YoY to Rs 2,636 crore, mainly due to 38% YoY growth (albeit on lower base) in speciality product segment to Rs 519.6 crore.
Basic chemical revenues grew 6% YoY to Rs 2,111.3 crore mainly led by 12% growth in India, while the U.S. and Europe grew 1% and 5%, respectively.
Ebitda margins declined 610 basis points to 10.7% mainly due to one-offs, negative operational leverage and spillover of cost to Q4 from Q3 in U.S. and Europe.
Ensuing Ebitda declined 29% YoY to Rs 282.7 crore.
Profit after tax declined 94% YoY to Rs 11.8 crore amid lower operational performance and higher tax rate.
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