TATACHEM · Chemicals
Tata Chemicals Ltd. reported revenue of ₹3,590 cr for October to December 2024, −3.8% on the year and −10.2% on the quarter.
Operating profit (EBITDA) was ₹434 cr, a margin of 12.1%, −244 bps on the year and −336 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 12.1% to 24.7%). Operating costs grew −1.0%, faster than revenue at −3.8%, so operating profit grew less than sales.
The company swung to a net loss of ₹21.0 cr from a profit of ₹194 cr a year earlier, with earnings per share of −₹2.08. Profit before other income, one-offs and tax grew faster, at −96.3%; other income, one-offs or tax held the headline back.
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.
Swung to a loss from a profit a year ago. One quarter, or a trend?
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Tax rate lifting profit, Exceptional items that recur, 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).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| 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 ₹3,590 cr (−3.8% on the year) and net profit of −₹21.0 cr (−110.8% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −96.3% on the year, against −110.8% for reported profit.
1 check raised a question: Swung to a loss from a profit a year ago. One quarter, or a trend?
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