TATACHEM · Chemicals
Tata Chemicals Ltd. reported revenue of ₹3,730 cr for October to December 2023, — on the year and −6.7% on the quarter.
Operating profit (EBITDA) was ₹542 cr, a margin of 14.5%, — on the year and −565 bps on the quarter.
Net profit was ₹194 cr, — on the year and −60.8% on the quarter, with earnings per share of ₹6.20.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,730 cr | ₹3,475 cr | ₹3,789 cr | ₹3,999 cr | ₹3,590 cr | ₹3,509 cr | ₹3,719 cr | ₹3,877 cr | ₹3,550 cr | ₹3,438 cr | ₹4,255 cr | ₹4,177 cr |
| YoY | — | — | −10% | +0% | −4% | +1% | −2% | −3% | −1% | −2% | +14% | +8% |
| EBITDA margin | 14.5% | 12.7% | 15.1% | 15.5% | 12.1% | 9.3% | 17.5% | 13.9% | 9.7% | 8.0% | 12.6% | 9.1% |
| Other income, % of PBT | 37% | — | 41% | 44% | — | — | 38% | 54% | — | — | 51% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | — | 33% | 23% | — | — | 12% | 35% | — | — | 45% | — |
| Net profit | ₹194 cr | −₹841 cr | ₹190 cr | ₹267 cr | −₹21.0 cr | −₹49.0 cr | ₹316 cr | ₹154 cr | −₹69.0 cr | −₹2,116 cr | ₹60.0 cr | −₹50.0 cr |
| YoY | — | — | −68% | −46% | −111% | — | +66% | −42% | — | — | −81% | −132% |
| Core profit YoY | — | — | −76% | −54% | −96% | −345% | +32% | −45% | −1,667% | — | −76% | −212% |
| EPS | ₹6.20 | −₹33.36 | ₹5.89 | ₹7.61 | −₹2.08 | −₹2.20 | ₹9.89 | ₹3.02 | −₹3.65 | −₹83.67 | −₹0.67 | −₹4.79 |
| Flags | 1 | · | 2 | 2 | 1 | 1 | 2 | 1 | ✓ | ✓ | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tata Chemicals Ltd. reported revenue of ₹3,730 cr (— on the year) and net profit of ₹194 cr (— on the year) for October to December 2023.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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