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Motilal Oswal Report
Tata Chemicals Ltd.’s Q2 FY23 consolidated Ebitda missed our estimate due to planned plant shutdown taken by the company in Tata Chemicals North America (U.S.) and the India region, resulting in a total volume loss of ~60 thousand tonne.
Barring that, operating performance in Tata Chemicals Europe Holdings Ltd. and in Kenya were strong with higher soda ash realisation and improved Ebitda/million tonne.
Globally, demand-supply scenario for soda ash has been buoyant and is expected to remain favorable in the near term. All plants across the industry are running at optimum utilisation levels.
Factoring in Q2 FY23 performance, we largely maintain our FY23/FY24 Ebitda estimates.
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