31 October 2020
2QFY21 Results Update | Sector: Chemicals
Tata Chemicals
Buy
Estimate change
TP change
Rating change
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Financials & Valuations (INR b)
Y/E Mar
2020 2021E
Sales
103.6
99.5
EBITDA
19.5
15.8
PAT
8.1
3.6
EBITDA (%)
18.8
15.8
EPS (INR)
31.7
14.2
EPS Gr. (%)
(6.4)
(55.2)
BV/Sh. (INR)
506
507
Ratios
Net D/E
0.3
0.3
RoE (%)
6.4
2.8
RoCE (%)
6.7
3.8
Payout (%)
42.7
95.5
Valuations
P/E (x)
10.2
22.7
EV/EBITDA (x)
6.7
8.3
Div Yield (%)
3.4
3.4
FCF Yield (%)
(5.1)
6.0
TTCH IN
255
CMP: INR322
TP: INR381 (+18%)
North America/India drag overall performance
Tata Chemicals’ (TTCH) operating performance was muted across
geographies (barring Europe). This was primarily led by North America and
India, where EBITDA declined 48% and 40% respectively.
The Soda Ash segment’s performance was impacted by reduction in demand
from the end user industry (largely for flat and container glass). Factoring in
the miss to our estimates (due to one-time cost) and weak end-user industry
demand scenario, we cut our EBITDA estimates by 6% for FY21 while
maintaining it for FY22E. We arrive at an SOTP-based TP of INR381. Maintain
Buy.
82.1 / 1.1
346 / 197
3/-4/20
731
2022E
111.5
Broadly in line operating performance; Adj. for one-time cost
20.8
TTCH reported overall revenue decline of 6% YoY to INR26.1b (v/s est.
8.2
INR26.5b) in 2QFY21. EBITDA margin contracted 540bp YoY to 14.8% (v/s
18.7
est. 16.5%) while EBITDA declined 31% YoY to INR3.9b (v/s est. INR4.4b).
32.0
126.0
Reported EBITDA includes one-time INR250m pertaining to (i) flooding,
523
which caused damage to inventory and other assets worth INR110m
0.3
6.2
5.9
48.0
10.1
6.1
3.9
10.9
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Sep-20 Jun-20 Sep-19
35.5
34.6
30.6
29.2
32.0
38.9
9.1
11.2
9.4
26.3
22.2
21.1
(damages
have also been claimed from insurance company, which will be
recorded in subsequent quarters),
and (ii) an annual wage settlement
concerning workmen, which led to an increase in the gratuity benefit
provision by INR140m. Adjusting EBITDA for the same, EBITDA declined 27%
YoY to INR4.1b (6% below our est.); EBITDA margins contracted 450bp YoY
to 15.8%. PAT declined 75% YoY to INR705m.
In 1HFY21, revenue/EBITDA/PAT declined 7%/31%/81% YoY. In 1HFY21, CFO
increased 20% YoY to INR13.8b due to lower receivables and inventory.
India’s
standalone revenue edged up 1% YoY to INR7.2b. EBITDA margin
contracted 11.2pp YoY to 16.2% and EBITDA declined 40% YoY to INR1.2b.
Adj. EBITDA for the above-mentioned one-time cost of INR250m, EBITDA
was down 27% YoY to INR1.4b. Soda ash/bicarb volumes declined 2%/7%
YoY, which was offset by 14% volume growth in salt.
In
North America,
revenue declined 20% YoY due to 17% YoY drop in
volumes as exports declined 33% YoY while domestic volumes grew 1% YoY.
Additionally, realization also fell ~10% YoY (to USD199/mt), whereas
currency benefit of 7% led to an overall realization decrease of 4% YoY (to
INR14,968/mt). EBITDA/mt plunged by 42% YoY (to USD27) with EBITDA
contracting 48% YoY (to INR960m) due to negative operating leverage.
In
Europe,
revenue remained flat YoY due to currency benefit (+8% YoY) and
improvement in blended realization in GBP (+2% YoY), which was offset by
10% volume decline.
Africa’s
soda ash volumes/realizations (in USD) declined 31%/12%, leading
to revenue/EBITDA decrease of 35%/78%.
Rallis’
revenue declined 3% YoY due to lower business from Crop care’s
international business and contract manufacturing segment, which was
partly offset by the domestic/seeds business; EBITDA declined 1% YoY.
Sumant Kumar
(Sumant.Kumar@motilaloswal.com)
Darshit Shah
(Darshit.Shah@MotilalOswal.com) /
Yusuf Inamdar
(Yusuf.Inamdar@motilaloswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Tata Chemicals
Highlights from management commentary
Capacities, which were announced for Soda Ash are off the table/postponed due
to cash crunch. Some of the Chinese capacity has also been shut. 3.5-4.5MMT
Soda Ash capacity in China may shut down as these are subscale plants. Some of
the units are facing strict environmental issues (as per management). Chinese
inventory, which had gone up prior to COVID-19 has now decreased.
Gross debt stood at INR68b as of Sep’20 (v/s INR77b as of Mar’20). Net debt
stood at INR37.7b as of Sep’20 (v/s INR40.4b as of Mar’20).
Valuation and view
The key bottleneck exists in terms of demand from the end-user industry, which
has dragged performance during the quarter. Demand for soda ash is under
pressure because of flat glass demand remaining muted (which finds application
in the Real Estate and Auto sectors). This is likely to weigh on performance in
the near term. However, the expected demand recovery in Real Estate and Auto
sectors would drive soda ash demand in the medium term.
TTCH is incurring capex of INR24b at its Mithapur plant for various categories,
which is expected to come on line in a phased manner. TTCH’s cash-cow
business (soda ash and sodium bicarbonate) is expected to remain relatively
stable; cash generated from the business would be partially deployed toward
the Specialty Chemicals segment.
Factoring in the miss to our estimates (due to one-time cost) and weak end-user
industry demand scenario, we cut our EBITDA estimates by 6% for FY21 while
maintaining it for FY22E. We arrive at an SOTP-based TP of INR381. Maintain
Buy.
FY20
2Q
3Q
27,713 26,234
-6.4
2.1
22,106 21,499
5,607 4,735
20.2
18.0
1,658 1,641
869
755
901
586
3,981 2,925
0
208
3,981 2,717
212
676
5.3
24.9
916
580
2,853 1,462
2,853 1,670
-11.3 -19.6
10.3
6.4
FY21
FY20
2Q
3QE
4QE
26,094 25,339 24,634 1,03,535
-5.8
-3.4
3.6
-4.5
22,231 21,215 20,453 84,076
3,863 4,124 4,181 19,492
14.8
16.3
17.0
18.8
1,924 1,925 1,930
6,665
836
810
780
3,419
686
586
756
3,111
1,787 1,975 2,227 12,519
0
0
0 -62,115
1,787 1,975 2,227 74,634
571
454
490
2,197
31.9
23.0
22.0
2.9
512
381
104
2,375
705 1,140 1,633 70,063
705 1,140 1,633
7,948
-75.3 -31.7 -11.6
-7.7
2.7
4.5
6.6
7.7
FY21
99,548
-3.9
83,783
15,765
15.8
7,678
3,605
2,614
7,096
0
7,096
1,873
26.4
1,613
3,610
3,610
-54.6
3.6
(INRM)
FY21 Var
2QE
%
26,532 -2
-4.1
22,166
4,366 -12
16.5
1,910
799
650
2,308
0
2,308
565
24.5
407
1,335
1,335 -47
-54.8
5.0
Consol. Quarterly perf.
Y/E March
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT
Tax
Rate (%)
MI & Profit/Loss of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
1Q
25,840
-5.8
20,691
5,149
19.9
1,627
941
869
3,450
44
3,406
1,116
32.8
756
1,535
1,579
-26.2
6.1
4Q
1Q
23,781 23,482
-7.2
-9.1
19,779 19,884
4,002 3,598
16.8
15.3
1,739 1,899
855 1,179
756
587
2,163 1,107
-62,367
0
64,531 1,107
193
358
0.3
32.3
123
616
64,215
133
1,847
133
-24.3 -91.6
7.8
0.6
31 October 2020
2
 Motilal Oswal Financial Services
Tata Chemicals
Key Performance Indicators
Y/E March
Consolidated
Sales Volume (000'MT)
North America
Europe
Africa
EBITDA/MT
North America (USD)
Europe (GBP)
Africa (USD)
Cost Break-up
RM Cost (% of sales)
Staff Cost (% of sales)
Power and Fuel Cost (% of sales)
Freight and Distribution Cost (% of sales)
Other Cost (% of sales)
Gross Margins (%)
EBITDA Margins (%)
EBIT Margins (%)
1Q
539
92
63
50.5
21.9
45.7
17.4
13.3
13.6
15.4
20.3
82.6
19.9
13.6
FY20
2Q
570
104
74
46.6
49.2
52.2
23.2
12.2
12.3
14.1
18.0
76.8
20.2
14.2
3Q
569
97
40
45.7
53.1
-32.0
19.7
13.5
14.3
14.5
20.0
80.3
18.0
11.8
4Q
553
101
75
52.0
56.0
20.7
15.1
14.3
16.0
16.2
21.6
84.9
16.8
9.5
1Q
387
92
57
11.9
32.3
23.1
25.2
14.3
12.1
13.3
19.7
74.8
15.3
7.2
FY21
2Q
475
94
51
26.9
51.4
15.7
27.6
13.5
12.5
13.6
17.9
72.4
14.8
7.4
FY20
3QE
501
98
62
33.0
52.0
18.0
19.5
12.5
14.3
14.5
22.9
80.5
16.3
8.7
4QE
525
103
77
41.5
53.0
23.0
15.0
13.0
16.0
16.4
22.6
85.0
17.0
9.1
2,231
394
252
49.0
40.4
29.9
19.0
13.3
14.0
15.0
19.9
81.0
18.8
12.4
1,888
387
247
29.5
47.4
20.3
21.9
13.3
13.8
14.5
20.8
78.1
15.8
8.1
FY21
31 October 2020
3
 Motilal Oswal Financial Services
Tata Chemicals
Key exhibits
Exhibit 1: Consolidated revenue trend
12% 10%
0%
Revenue (INRm)
0%
2%
-6%
-6%
-7%
-9%
-6%
Growth (%)
17.9%
20.3%
16.0%
Exhibit 2: Consolidated EBITDA trend
EBITDA (INRm)
17.4%
19.9%
20.2%
Margin (%)
18.0% 16.8%
15.3% 14.8%
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 3: Consolidated adj. PAT trend
24%
25%
Adj. PAT (INRm)
-21%
-57%
2,140
3,217
2,076
2,442
1,579
2,853
1,670
1,847
-11%
Growth (%)
-20%
-26%
-24%
133
-92%
-75%
705
Source: Company, MOFSL
Exhibit 4: Consolidated segmental revenue
INRm
Revenue
Basic Chemistry Products
Specialty Products
Less : Inter segment revenue
Add : Unallocated
Total Revenue
2QFY20
20,563
7,132
34
52
27,713
1QFY21
16,723
6,759
27
27
23,482
2QFY21
18,387
7,662
31
76
26,094
%YoY
-10.6%
7.4%
%QoQ
9.9%
13.4%
-5.8%
11.1%
Source: Company, MOFSL
Exhibit 5: Consolidated segmental EBIT
INR m
EBIT
Basic Chemistry Products
Margin %
Specialty Products
Margin %
Total EBIT
Less : Finance Cost
Less : Unallocated (Income)/Expense
PBT
2QFY20
3,553
17.3%
884
12.4%
4,437
869
-412
3,981
1QFY21
1,117
6.7%
934
13.8%
2,051
1,179
-235
1,107
2QFY21
1,516
8.2%
905
11.8%
2,420
836
-203
1,787
%YoY
-57.3%
2.3%
%QoQ
35.7%
-3.1%
-55.1%
61.5%
Source: Company, MOFSL
31 October 2020
4
 Motilal Oswal Financial Services
Tata Chemicals
Exhibit 6: Standalone operational performance trend
INRm
3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20 1QFY21 2QFY21
Soda Ash Sales Volume ('000MT)
172
182
163
154
158
159
118
151
Sodium Bicarbonate Sales Volume ('000MT)
24
28
27
27
27
26
21
25
Salt Sales Volume ('000MT)
293
261
237
258
301
290
298
295
Realization - Basic Chemistry Products (INR/MT) 15,261 18,107 16,576 15,865 15,005 14,808 14,007 14,363
Net Sales
7,570
8,610
7,190
7,080
7,560
7,340
6,280
7,170
EBITDA
1,650
1,810
1,890
1,940
1,950
1,400
1,560
1,160
EBITDA (%)
21.8% 21.0% 26.3% 27.4% 25.8% 19.1% 24.8% 16.2%
PBT
1,324
2,748
2,563
2,123
1,671 63,791
1,423
1,658
PAT
890
1,722
2,056
2,114
1,371
1,179
1,088
1,351
%YoY %QoQ
-2%
28%
-7%
19%
14%
-1%
-9%
3%
1%
14%
-40% -26%
-22%
-36%
17%
24%
Source: Company, MOFSL
Exhibit 7: North America operational performance trend
INRm
Soda ash Utilization (%)
Sales Volume ('000MT)
Realization (INR/MT)
Realization (USD/MT)
EBITDA/MT (USD)
Net Sales
EBITDA
EBITDA (%)
PBT
PAT
3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20 1QFY21 2QFY21
91%
86%
88%
91%
94%
91%
60%
72%
569
550
539
570
569
553
387
475
15,624 15,818 15,677 15,544 15,325 14,467 15,995 14,968
224
226
226
222
218
204
211
199
43
53
50
47
46
52
12
27
8,890
8,700
8,450
8,860
8,720
8,000
6,190
7,110
1,710
2,050
1,890
1,860
1,830
2,040
350
960
19.2% 23.6% 22.4% 21.0% 21.0% 25.5%
5.7% 13.5%
800
2,340
910
860
790
920 -1,190
-260
350
2,070
470
460
400
790 -1,070
-440
%YoY
-17%
-4%
-10%
-42%
-20%
-48%
-130%
-196%
%QoQ
23%
-6%
-5%
126%
15%
174%
-78%
-59%
Source: Company, MOFSL
Exhibit 8: Europe operational performance trend
INRm
Sales Volume ('000MT)
Realization (INR/MT)
Realization (GBP/MT)
Net Sales
EBITDA
EBITDA (%)
PBT
PAT
3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20 1QFY21 2QFY21
110
104
92
104
97
101
92
94
33,727 36,635 33,370 32,404 35,876 36,139 34,348 35,851
368
399
373
368
402
401
365
377
3,710
3,810
3,070
3,370
3,480
3,650
3,160
3,370
140
270
180
450
460
510
280
460
3.8%
7.1%
5.9%
13.4%
13.2%
14.0%
8.9%
13.6%
-350
-300
-150
80
80
130
-150
20
-350
-150
-150
80
80
130
-150
20
%YoY
-10%
11%
2%
0%
2%
-75%
-75%
%QoQ
2%
4%
3%
7%
64%
-113%
-113%
Source: Company, MOFSL
Exhibit 9: Africa operational performance trend
INRm
Soda ash Utilization (%)
Sales Volume ('000MT)
Realization (INR/MT)
Realization (USD/MT)
EBITDA/MT (USD)
Net Sales
EBITDA
EBITDA (%)
PBT
PAT
3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20 1QFY21 2QFY21
%YoY %QoQ
89%
94%
90%
66%
72%
71%
65%
74%
80
79
63
74
40
75
57
51
-31%
-11%
18,000 17,848 20,000 18,919 19,750 15,333 17,544 17,843
-6%
2%
258
255
288
270
281
216
231
238
-12%
3%
52
56
46
52
-32
21
23
16
-70%
-32%
1,440
1,410
1,260
1,400
790
1,150
1,000
910
-35%
-9%
290
310
200
270
-90
110
100
60
-78%
-40%
20.1%
22.0%
15.9%
19.3% -11.4%
9.6%
10.0%
6.6%
190
230
90
160
-20
-40
-20
-50
-131%
150%
190
230
90
160
-20
-40
-20
-50
-131%
150%
Source: Company, MOFSL
31 October 2020
5
 Motilal Oswal Financial Services
Tata Chemicals
Exhibit 10: Soda ash volumes – domestic v/s exports
Source: Company, MOFSL
Exhibit 11: Borrowing position as of Sep’20 (INR Cr)
Source: Company, MOFSL
Conference call highlights
India standalone operations
Soda Ash business performance in 2QFY21 was better compared to 1QFY21.
Demand in the segment is stable, though capacity to supply steadily was
affected due to continuous rain and floods, leading to INR110m damages to
inventory and assets. Other damages have also been claimed from insurance
company, which will be recorded in subsequent quarters.
Indian Soda Ash prices are expected to increase post announcement of ADD
(anti-dumping duty) on Soda Ash, and similar trend is visible since recent price
movements.
Prudent spending and non-availability of labor led to delay of de-bottlenecking
operations at locations in India and the US. With the above hindrances
subsiding, TTCH plans to initiate the de-bottlenecking of Mithapur plant.
31 October 2020
6
 Motilal Oswal Financial Services
Tata Chemicals
North America operations
Domestic and export volumes improved sequentially in the North America
region, and similar trajectory is expected to continue. With ramp-up of volumes,
pricing is also expected to improve, leading to positive outlook after 4-5 months.
US exports is expected to improve further – it is currently 60,000-70,000MT
higher than 1QFY21. LATAM and South-East Asia are key markets for the US;
both markets were affected significantly in 1QFY21 due to the pandemic.
However, demand is picking up in these regions, but it is slightly slower than
that in NA market.
Flat glass demand is yet to pick up across geographies. In China, flat and
container glass demand has returned to normalcy. The company believes that
US exports will return to previous levels over the next 2-3 quarters, along with
increase in pricing power.
UK operations
UK performance was stable during the quarter with marginal exports.
Operations are smooth with minimal disruptions.
UK Bicarb operations are improving. The company plans to increase revenue
share from Bicarb as compared to Soda Ash biz (as Bicarb business is margin
accretive).
Africa operations
Volumes and realizations were marginally lower. Lower realizations were due to
softness in the South-East Asian market. As at end-2QFY21, realizations are
gradually picking up and similar trend is expected to continue.
Rallis
Domestic seed and crop care businesses performed well during the quarter.
New product portfolio development plan and capex plans announced by the
company are well on track.
Silica business
Silica business is gaining traction, with few OEMs visiting manufacturing plant.
The company plans to commence with trial orders soon.
With increase in operations at Silica plant, TTCH plans to increase capacity from
the current level of 10,000MT. The company has acquired land in Tamil Nadu
and plans to increase capacity to 50,000MT.
TTCH units have received approval from two of its clients and are awaiting
orders.
The company plans to spend INR2.7b; of this, INR1.4b has already been spent on
land acquisition and activities.
Nutritional Solutions
Performance was strong on the back of higher consumer demand. In the UK,
British salt volumes were stable.
TTCH plans to achieve 75% utilization level in this segment in FY21 and achieve
cumulative revenue of INR10b between Silica and Nutraceuticals.
31 October 2020
7
 Motilal Oswal Financial Services
Tata Chemicals
TTCH is awaiting final approval from few pharma clients. Post-approval, the
company will increase capacity of the Nutraceutical unit and with increase in
demand it will up the capacity too.
Energy Solutions
Energy business is still in a nascent stage. Plans of the company have been
pushed forward due to COVID-19.
Other highlights
Business is scaling up across geographies leading to increase in utilization levels.
Operations are returning to normalcy across locations.
Capex:
Focus will be on ramping-up capacities of salt, Bicarb, nutrition and agri
science segment as demand visibility is strong in these segments. Further, focus
will be on improving product mix and prudent capital allocation.
Cash:
Standalone cash was down to INR7.7b in 2QFY21 (v/s. INR19.3b in
2QFY20). This was mainly due to repayment of loan, leading to reduction in
interest cost by INR110m.
Improvement in WC days:
Standalone WC days improved to 17days in 2QFY21,
with 5 days reduction over 1QFY21. Consolidated WC days stands at 28 days.
Capacities, which were announced for Soda Ash are off the table/postponed due
to cash crunch. Some of the Chinese capacity has also been shut. 3.5-4.5MMT
Soda Ash capacity in China may shut down as these are subscale plants and
some of the units are facing strict environmental issues (as per management).
Chinese inventory, which had gone up prior to COVID-19 has now decreased.
Soda ash inventory build-up:
China’s inventory has come down from peak level
of 1.8MMT (in Mar-Apr’20) to 0.75MMT.
Valuation
The key bottleneck exists in terms of demand from the end-user industry, which
has dragged performance during the quarter. Demand for soda ash is under
pressure because of flat glass demand remaining muted (which finds application
in the Real Estate and Auto sectors). This is likely to weigh on performance in
the near term. However, the expected demand recovery in Real Estate and Auto
sectors would drive soda ash demand in the medium term.
TTCH is incurring capex of INR24b at its Mithapur plant for various categories,
which is expected to come on line in a phased manner. TTCH’s cash-cow
business (soda ash and sodium bicarbonate) is expected to remain relatively
stable; cash generated from the business would be partially deployed toward
the Specialty Chemicals segment.
Factoring in the miss to our estimates (due to one-time cost) and weak end-user
industry demand scenario, we cut our EBITDA estimates by 6% for FY21 while
maintaining it for FY22E. We arrive at an SOTP-based TP of INR381. Maintain
Buy.
31 October 2020
8
 Motilal Oswal Financial Services
Tata Chemicals
Exhibit 12: Valuation methodology
Business
Commodity (INR m)
Inorganic Chemical India (Soda Ash & others) (Inc mfg Salt)
Tata Chemicals North America
Tata Chemicals Europe and Tata Chemicals Africa
Sub Total
Speciality and Consumer (INR m)
Rallis India Ltd (Tata Chemicals hold 50% ) (INR mn)
Total EV (INR mn)
Less: Debt (INR mn)
Less: Minority Interest (INR mn)
Less: Pension Liability (INR mn)
Add: Cash & Liquid investment (INR mn)
Add: Value of quoted Investment (INR mn)
Target Mcap (INR mn)
Outstanding share (mn)
Target Price (INR)
CMP (INR)
Upside (%)
Methodology
EV/EBITDA (x)
EV/EBITDA (x)
EV/EBITDA (x)
Metrics
EBITDA
EBITDA
EBITDA
FY22
7,612
7,037
2,615
Multiple
(x)
8.0
7.0
5.0
EV/ MCAP
(INR m)
60,898
49,262
13,073
1,23,233
19,272
1,42,505
73,569
7,638
14,665
35,530
14,904
97,066
255
381
322
18%
Source: MOFSL
20% discount to
Current MCAP
Attributable
Mcap
48,180
0.8
Mcap
18,630
0.8
Exhibit 13: Estimate change
Earnings Change
(INR m)
Revenue
EBITDA
Adj. PAT
Old
FY21E
1,00,021
16,703
4,700
FY22E
1,12,496
20,987
8,455
New
FY21E
99,548
15,765
3,610
FY22E
1,11,474
20,796
8,157
Change
FY21E
0%
-6%
-23%
FY22E
-1%
-1%
-4%
Source: MOFSL
31 October 2020
9
 Motilal Oswal Financial Services
Tata Chemicals
Financials and valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
Total Expenditure
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest
Reported PAT - Continuing Ops.
Adjusted PAT - Continuing Ops.
Change (%)
Margin (%)
Reported PAT - Discontinuing Ops.
Reported PAT incl Discontinuing Ops.
Adjusted PAT incl Discontinuing Ops.
FY16
1,52,202
-13.4
1,31,285
20,917
13.7
5,261
15,657
5,255
1,253
11,655
0
11,655
2,484
21.3
2,207
6,964
6,964
-12.5
4.6
742
7,706
7,706
FY16
2,548
65,995
68,543
25,985
90,904
0
12,348
1,97,780
1,20,671
5,490
1,15,181
17,619
5,015
94
21,879
83,769
19,319
35,656
12,654
16,140
45,682
16,818
7,923
20,941
38,086
1,97,780
FY17
1,03,461
-32.0
82,518
20,943
20.2
5,122
15,821
2,973
1,661
14,510
0
14,510
3,460
23.8
2,254
8,796
8,796
26.3
8.5
1,135
9,931
9,931
FY17
2,548
76,534
79,082
26,239
70,483
0
12,381
1,88,185
1,20,011
10,612
1,09,400
16,984
3,331
2,205
27,931
78,459
13,861
20,922
16,648
27,028
47,919
13,182
14,117
20,621
30,540
1,88,185
FY18
1,02,697
-0.7
80,790
21,907
21.3
5,180
16,727
3,256
1,595
15,066
643
15,709
601
3.8
2,202
12,906
12,263
39.4
11.9
11,425
24,331
23,687
FY18
2,548
1,08,469
1,11,017
27,172
64,180
0
11,916
2,14,284
1,26,061
15,792
1,10,269
17,319
4,089
918
28,683
98,427
14,623
13,079
44,830
25,895
44,502
14,786
10,908
18,808
53,925
2,14,284
FY19
1,03,367
0.7
85,563
17,805
17.2
5,685
12,120
3,537
4,095
12,677
703
13,381
2,744
20.5
1,317
9,319
8,615
-29.7
8.3
2,240
11,559
10,856
FY19
2,548
1,20,865
1,23,413
29,147
61,430
0
12,972
2,26,961
1,38,124
21,477
1,16,648
18,590
7,738
22,523
56,425
69,648
17,256
14,525
19,522
18,346
42,088
14,753
9,492
17,843
27,560
2,26,961
FY20
1,03,568
0.2
84,076
19,492
18.8
6,665
12,827
3,419
3,111
12,519
0
12,519
2,197
17.5
2,257
8,066
8,066
-6.4
7.8
61,997
70,063
70,063
FY20
2,548
1,26,428
1,28,977
7,638
77,020
1,880
14,379
2,29,894
1,61,488
28,141
1,33,346
19,542
8,350
16,010
43,060
73,223
18,692
15,799
20,795
17,937
47,628
16,309
12,015
19,304
25,595
2,29,894
FY21E
99,548
-3.9
83,783
15,765
15.8
7,678
8,087
3,605
2,614
7,096
0
7,096
1,873
26.4
1,613
3,610
3,610
-55.2
3.6
0
3,610
3,610
FY21E
2,548
1,26,591
1,29,139
7,638
75,652
1,880
14,379
2,28,688
1,68,488
35,820
1,32,668
19,542
8,500
16,010
43,060
72,203
20,679
15,273
18,332
17,919
47,285
17,282
11,448
18,555
24,918
2,28,688
(INR M)
FY22E
1,11,474
12.0
90,678
20,796
18.7
7,807
12,989
3,357
3,010
12,642
0
12,642
3,097
24.5
1,388
8,157
8,157
126.0
7.3
0
8,157
8,157
FY22E
2,548
1,30,830
1,33,378
7,638
73,569
1,880
14,379
2,30,845
1,78,488
43,627
1,34,861
19,542
8,500
16,010
43,060
75,709
20,136
17,103
19,520
18,951
50,828
16,828
12,820
21,180
24,881
2,30,845
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Total Loans
Lease liability
Deferred Tax Liabilities
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Current Investments
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
(INR M)
31 October 2020
10
 Motilal Oswal Financial Services
Tata Chemicals
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
Core RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Net Debt/Equity
FY16
27.3
48.0
269.0
10.0
45.0
FY17
34.5
54.6
310.3
11.0
39.2
9.3
5.9
1.0
1.5
7.6
3.4
113.3
11.2
8.9
14.0
8.6
1.3
0.8
119
86
103
1.8
3.0
1.1
11.9
8.6
10.8
8.1
0.9
0.5
244
74
232
1.6
5.3
0.7
FY18
48.1
68.5
435.7
22.0
53.4
6.7
4.7
0.7
1.2
5.8
6.8
76.9
12.9
10.9
15.6
11.6
0.8
0.5
304
46
307
2.2
5.1
0.2
FY19
33.8
56.1
484.3
12.5
42.0
9.5
5.7
0.7
1.3
7.3
3.9
19.7
7.4
7.2
11.2
6.9
0.7
0.5
315
51
269
1.7
3.4
0.2
FY20
31.7
57.8
506.1
11.0
42.7
10.2
5.6
0.6
1.3
6.7
3.4
-16.3
6.4
6.7
10.5
7.0
0.6
0.5
347
56
302
1.5
3.8
0.3
FY21E
14.2
44.3
506.8
11.0
95.5
22.7
7.3
0.6
1.3
8.3
3.4
19.5
2.8
3.8
6.0
3.8
0.6
0.4
347
56
290
1.5
2.2
0.3
FY22E
32.0
62.6
523.4
12.5
48.0
10.1
5.1
0.6
1.1
6.1
3.9
35.0
6.2
5.9
9.2
6.2
0.6
0.5
347
56
290
1.5
3.9
0.3
Consolidated - Cash Flow Statement
Y/E March
FY16
FY17
FY18
OP/(Loss) before Tax
12,935
16,522
15,066
Depreciation
5,714
5,522
5,180
Interest & Finance Charges
5,946
4,645
1,661
Direct Taxes Paid
-3,645
-4,516
-601
(Inc)/Dec in WC
-652
12,103
4,797
CF from Operations
20,298
34,276
26,103
Others
3,022
1,033
643
CF from Operating incl EO
23,319
35,309
26,746
(Inc)/Dec in FA
-6,865
-6,429
-7,142
Free Cash Flow
16,454
28,880
19,604
(Pur)/Sale of Investments
-90
-2,064
-752
Others
-337
588
1,595
CF from Investments
-7,292
-7,905
-6,300
Inc/(Dec) in Debt
-6,098
-14,117
-6,303
Interest Paid
-6,202
-4,456
-3,256
Dividend Paid
-3,820
-3,056
-6,895
Others
-1,897
-1,781
24,190
CF from Fin. Activity
-18,017
-23,409
7,736
Inc/Dec of Cash
-1,989
3,995
28,182
Opening Balance
14,643
12,654
16,649
Closing Balance
12,654
16,649
44,831
Numbers excludes performance of consumer segment (salt and others) from FY19 onwards
FY19
17,304
5,714
3,653
-4,849
-2,144
19,678
-3,865
15,813
-10,795
5,018
-19,711
10,924
-19,582
-5,714
-2,939
-6,725
-6,162
-21,540
-25,309
44,831
19,522
FY20
12,519
6,665
308
-2,197
506
17,801
0
17,801
-21,962
-4,161
13,364
-15,085
-23,682
12,625
-3,419
-3,448
1,396
7,154
1,273
19,522
20,795
FY21E
7,096
7,678
991
-1,873
-1,786
12,106
0
12,106
-7,150
4,957
0
2,614
-4,536
-1,368
-3,605
-3,448
-1,613
-10,033
-2,463
20,795
18,332
(INR M)
FY22E
12,642
7,807
348
-3,097
1,224
18,923
0
18,923
-10,000
8,923
0
3,010
-6,990
-2,083
-3,357
-3,918
-1,388
-10,746
1,187
18,332
19,520
31 October 2020
11
 Motilal Oswal Financial Services
Tata Chemicals
NOTES
31 October 2020
12
 Motilal Oswal Financial Services
Tata Chemicals
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30
days take appropriate measures to make the recommendation consistent with the investment rating legend.
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31 October 2020
13
 Motilal Oswal Financial Services
Tata Chemicals
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as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not
constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers
simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or
in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be
used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal,
accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this
report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This
may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at
an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to
determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures,
options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied,
is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is
provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The
Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and
the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform
or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is
already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the
views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or
published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any
locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or
licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose
possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be
liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not
to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses,
costs, damages,
expenses that may be suffered by the person accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263; Website
www.motilaloswal.com.CIN no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad(West), Mumbai-
400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412. AMFI:
ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration
No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.:
INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond,
NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a group company of MOFSL. Private Equity is offered
through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL. Research & Advisory services is backed by proper research. Please read the Risk
Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee of the returns. Investment in securities market is subject to market risk,
read all the related documents carefully before investing. Details of Compliance Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law
Tribunal, Mumbai Bench.
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