External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>TTCH’s 2QFY25 consolidated EBITDA declined 25% YoY, due to lower realizations YoY, higher freight costs and unfavorable operating leverage across geographies, while sequentially it improved by 7.7% on recovery across geographies, except India.</li><li>As per the management, soda ash prices have bottomed out (also last price cut was in Nov’23 for domestic market by TTCH) and can improve going ahead, with stable demand-supply scenario globally.</li><li>We maintain our FY25/FY26 EBITDA estimates as we anticipate a steady recovery in the soda ash demand-supply scenario globally.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

TTCH’s 2QFY25 consolidated EBITDA declined 25% YoY, due to lower realizations YoY, higher freight costs and unfavorable operating leverage across geographies, while sequentially it improved by 7.7% on recovery across geographies, except India.As per the management, soda ash prices have bottomed out (also last price cut was in Nov’23 for domestic market by TTCH) and can improve going ahead, with stable demand-supply scenario globally.We maintain our FY25/FY26 EBITDA estimates as we anticipate a steady recovery in the soda ash demand-supply scenario globally.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Chemicals - Sequential Recovery Improves 2H Prospects

<ul><li>Motilal Oswal's research report onTata Chemicals Tata Chemicals (TTCH)’s 4QFY24 consolidated EBITDA declined 54% YoY, primarily due to a subdued operating performance across ographies with India/US/UK/Kenya reporting 26%/68%/72%/57% decline YoY.</li><li>Outlook We broadly maintain our FY25/FY26 EBITDA estimates and reiterate our Neutral rating with an SoTP-based TP of INR980</li><li>TTCH reported overall revenue of INR34.8b (est. INR35.4b) in 4QFY24, down 21% YoY, due to lower realization YoY across regions.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Motilal Oswal's research report onTata Chemicals Tata Chemicals (TTCH)’s 4QFY24 consolidated EBITDA declined 54% YoY, primarily due to a subdued operating performance across ographies with India/US/UK/Kenya reporting 26%/68%/72%/57% decline YoY.Outlook We broadly maintain our FY25/FY26 EBITDA estimates and reiterate our Neutral rating with an SoTP-based TP of INR980TTCH reported overall revenue of INR34.8b (est. INR35.4b) in 4QFY24, down 21% YoY, due to lower realization YoY across regions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Chemicals - Operating Performance Hit by Subdued Soda Ash Prices

<div><div><div><div><ul><li>Earnings beat our estimates -  Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa, and the UK. Volume growth was steady.</li></ul></div></div></div></div><div><ul><li>Favorable Soda Ash demand-supply scenario drives performance - <span style="font-size: var(--content-font-size);">TTCH reported revenue of INR34.8b (est. INR32.9) in 4QFY22, up 32% YoY.</span></li></ul></div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Market dynamics in Soda Ash: Demand for Soda Ash is expected to stay robust over the next 18 months.</span></li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Earnings beat our estimates -  Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa, and the UK. Volume growth was steady.Favorable Soda Ash demand-supply scenario drives performance - TTCH reported revenue of INR34.8b (est. INR32.9) in 4QFY22, up 32% YoY.Highlights from the management commentary - Market dynamics in Soda Ash: Demand for Soda Ash is expected to stay robust over the next 18 months.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Chemicals - Robust Operating Performance Across Key Geographies

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Commencing operations in 1944, Tata Chemicals has come a long way to become one of the top five players in the global soda ash market.</li>
<li>Under basic chemical, TCL offers soda ash, sodium bicarbonate, cement, salt, marine chemicals and crushed refined soda.</li>
<li>Basic chemical forms 75% of overall revenue while the rest comes from speciality products</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Commencing operations in 1944, Tata Chemicals has come a long way to become one of the top five players in the global soda ash market.
Under basic chemical, TCL offers soda ash, sodium bicarbonate, cement, salt, marine chemicals and crushed refined soda.
Basic chemical forms 75% of overall revenue while the rest comes from speciality products

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Chemicals: Better Soda Ash Prices to Support Growth Ahead

India

Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy chemicals, pharmaceuticals, fertilizers and agro-chemicals. The Company's salt products include common salt, pure salt and gypsum salt.  Heavy chemicals include soda ash, caustic soda and hydrochloric acid. Tata Chemicals' pharmaceuticals include bromides of ammonium, sodium, potassium and ethyl.

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Tata Chemicals (TTCH IN)

Tata Chemicals - Sequential Recovery Improves 2H Prospects

We maintain our FY25/FY26 EBITDA estimates as we anticipate a steady recovery in the soda ash demand-supply scenario globally.

Motilal Oswal

Tata Chemicals - Operating Performance Hit by Subdued Soda Ash Prices

Motilal Oswal's research report onTata Chemicals Tata Chemicals (TTCH)’s 4QFY24 consolidated EBITDA declined 54% YoY, primarily due to a subdued...

Motilal Oswal

Tata Chemicals - Robust Operating Performance Across Key Geographies

Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa,...

Motilal Oswal

Tata Chemicals: Better Soda Ash Prices to Support Growth Ahead

Commencing operations in 1944, Tata Chemicals has come a long way to become one of the top five players in the global soda ash market.

ICICI Securities Limited

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