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Geojit’s research report on Tata Chemicals

Tata Chemicals Ltd (TCL) is the world’s third largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America. It also has a strong focus on consumer, agri and specialty businesses. In Q3FY23, its consolidated revenue was up 32.0% YoY to Rs. 4,148cr (down 2.1% QoQ) led by better soda ash realisations across all geographies and stable demand. EBITDA was up 69.1% YoY to Rs. 922cr and EBITDA margin 480bps YoY to 22.2% aided by better cost management. PAT increased 25.7% YoY to Rs. 391cr. The company posted decent earnings on account of stable demand, better realisations and cost management. The management expects soda ash demand to rise, with supply tightening in the upcoming quarters leading to better realisations.


Hence, we reiterate our BUY rating on the stock with a revised target price of Rs. 1,197 based on 14x FY25E adjusted EPS.

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Tata Chemicals - 06 -03 - 2023 - geo

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