February 28, 2024

Motilal Oswal’s analysis report on Tata Chemical

TTCH’s consolidate EBITDA grew 47%, primarily led by increased realization per MT within the US (up 38% YoY/25% QoQ) and the UK (up 54% YoY/down 2% QoQ). Consequently, EBITDA/MT improved within the US by 52% YoY to USD91 and within the UK by 6.9x YoY to GBP144, aided by value moderation and excessive realization.

Outlook

Factoring in a powerful 4QFY23 efficiency within the US and the UK area, we elevate our FY24/FY25 EBITDA estimates by 14%/11%. We reiterate our Impartial ranking with an SoTP-based TP of INR1,110.

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Tata Chemical – 05 -05 – 2023 – moti