Tata Chemicals

NP down 76%

Oct 30, 2020 03:10 IST capital market

Tata Chemicals reported 6% decrease in its consolidated net sales for the quarter ended Sep20 to Rs 2609.35 crore compared to corresponding previous year period as operations were impacted during the end of the fiscal year owing to Covid-19 pandemic while net profit of the company was down 76% to Rs 70.46 crore compared to Q2FY20.

Operating margin of the company fell 540 bps to 14.8%. Operating profit as a result decreased 31% to Rs 386.25 crore. Other income fell 24% to Rs 68.55 crore while interest cost decreased 4% to Rs 83.63 crore while depreciation rose 16% to Rs 192.43 crore. PBT was down 55% to Rs 178.73 crore.

Tax provisions rose 169% to Rs 57.07 crore. PAT as a result decreased 68% to Rs 121.66 crore. Considering share of profit or loss in associate and JV, Bottomline decreased 76% to Rs 70.46 crore.

Segment wise, Basic chemistry products revenue stood at Rs 1838.68 crore, down by 11% YoY and accounted for 70% of sales. PBIT from the same was down by 57% to Rs 151.56 crore and accounted for 63% of total PBIT with PBIT margin stood at 8.2% as compared to 17.3% for Sep19 quarter.

Sales from the Speciality products stood at Rs 766.17 crore up by 7% YoY and accounted for 29% of sales. PBIT from the same rose 2% to Rs 90.48 crore with PBIT margins at 11.8% compared to 12.4%.

Performance for half year ended Sep20

For H1FY21 Tata Chemicals reported 7% decrease in consolidated net sales to Rs 4957.51 crore compared to corresponding previous year period while net profit of the company was down 82% to Rs 83.74 crore compared to H1FY20.

Operating margin fell 510 bps to 15%. Operating profit as a result decreased 31% to Rs 746.01 crore.

Other income decreased 28% to Rs 127.21 crore while interest cost was up 11% to Rs 201.49 crore while depreciation was up 16% to Rs 382.34 crore. PBT was down 61% to Rs 289.38 crore.

Tax expenses were Rs 92.86 crore compared to Rs 132.76 crore. PAT fell 68% to Rs 196.52 crore. Considering share of profit or loss in associate and JV, Bottomline fell 82% to Rs 83.74 crore.

Commenting on the results, Mr. R. Mukundan, Managing Director & CEO, Tata Chemicals Ltd., said, With the country gradually reopening, we are witnessing the revival of the chemical sector and customer demand. Our plant operations and capacity utilisation have gained momentum and are getting back to the pre-COVID levels. While we are scaling up our operations and ensuring business continuity, the health and safety of our employees and customers will remain our priority. In the coming quarters, we are aiming to move up the value chain with our business strategy concentrating on four verticals - performance materials, nutritional sciences, agro sciences and energy sciences, while maintaining cash flow and cash balances.

The scrip is currently trading at Rs 320

Tata Chemicals: Consolidated Results

 

Particulars 2009 (03) 1909 (03) Var. (%) 2009 (06) 1909 (06) Var. (%) 2003 (12) 1903 (12) Var. (%)
Net Sales 2609.35 2771.27 -6 4957.51 5355.30 -7 10356.75 10336.72 0
OPM (%) 14.8 20.2 15.0 20.1 18.8 17.2
OP 386.25 560.67 -31 746.01 1075.56 -31 1949.17 1780.46 9
Other income 68.55 90.08 -24 127.21 176.95 -28 311.12 409.46 -24
PBIDT 454.79 650.75 -30 873.21 1252.51 -30 2260.28 2189.92 3
Interest 83.63 86.89 -4 201.49 180.94 11 341.91 353.70 -3
PBDT 371.16 563.86 -34 671.72 1071.57 -37 1918.37 1836.22 4
Depreciation 192.43 165.77 16 382.34 328.49 16 666.47 568.50 17
PBT before notional Forex gain/loss 178.73 398.09 -55 289.38 743.08 -61 1251.90 1267.72 -1
Forex gain/Loss 0.00 0.00 0.00 0.00 0.00 0.00
PBT before EO 178.73 398.09 -55 289.38 743.08 -61 1251.90 1267.72 -1
EO 0.00 0.00 0.00 0.00 0.00 -70.33
PBT after EO 178.73 398.09 -55 289.38 743.08 -61 1251.90 1338.05 -6
Tax 57.07 21.19 169 92.86 132.76 -30 219.65 274.44 -20
PAT 121.66 376.90 -68 196.52 610.32 -68 1032.25 1063.61 -3
Minority Interest 61.62 82.05 -25 122.49 154.93 -21 221.82 230.94 -4
Share in profit or loss in JV and Associate 10.42 2.19 9.71 -0.50 -3.85 99.21 -104
Net profit 70.46 297.04 -76 83.74 454.89 -82 806.58 931.88 -13
EPS (Rs)* # # # # 31.7 34.4
* Annualised on current equity of Rs 254.82 crore. Face Value: Rs 10 each
# EPS not annualised due to seasonality of business
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
EPS is calculated after excluding EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Database

Tata Chemicals: Consolidated Segment Results

 

Particulars 2009 (03) 1909 (03) % of total Var. (%) 2009 (06) 1909 (06) % of total Var. (%) 2003 (12) 1903 (12) % of total Var. (%)
Segment Revenue
Basic Chemistry Products 1838.68 2056.31 70 -11 3510.99 4005.57 71 -12 8013.74 8309.05 77 -4
Speciality Products 766.17 713.16 29 7 1442.03 1346.9 29 7 2328.85 2026.29 22 15
unallocable 7.61 5.23 46 10.28 8.78 17 24.22 17.13 41
Total 2612.46 2774.70 70 -6 4963.30 5361.25 71 -7 10366.81 10352.47 77 0
Less: Inter Segment Revenue 3.11 3.43 5.79 5.95 10.06 15.75
Net Sales/Income from Operation 2609.35 2771.27 100 13 4957.51 5355.30 100 13 10356.75 10336.72 100 13
Segment Results
Basic Chemistry Products 151.56 355.32 63 -57 263.23 673.52 59 -61 1355.51 1303.61 89 4
Speciality Products 90.48 88.42 37 2 183.86 163.96 41 12 166.9 172.13 11 -3
Total 242.04 443.74 100 -45 447.09 837.48 100 -47 1522.41 1475.74 100 3

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