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Tata Chem: Well played!

Nov 23, 2004

Tata Chemicals, the chemicals and fertiliser major, announced its 2QFY05 numbers last month. While the company's performance at the topline level was poor, net profit rose sharply even after adjusting for extraordinary adjustments in light of lower interest costs. Significant rise in input cost has subdued net profit growth during the fiscal.

Indo Gulf: Still waiting…

Oct 26, 2004

Indo Gulf, one of the most cost efficient manufacturers of urea in the country, reported encouraging numbers for 2QFY05 at the topline level. Owing to higher raw material costs, primarily arising out of higher naphtha prices, operating margins are lower in 2QFY05 as well as in 1HFY05. Given the contraints with which fertiliser manufacturers operate in India, it is a commendable performance.

Fertilisers: The way forward

May 4, 2004

The last three to four years have been a difficult phase for the agricultural sector. Realising the importance of the sector in terms of employment opportunities (direct and indirect) and its impact on the economy's growth, the government talked about the second green revolution. If it were to materialise, agriculture related sectors could see a fillip. Fertilisers is one among them. While growth prospects are promising, is it going to be a smooth ride?

Indo Gulf: Decontrol to power growth

Dec 12, 2003

Indo Gulf Fertilizers (IGF) came into existence on 12th Feb '03 as a resultant company, pursuant to the buyout of Indo Gulf Corporation Ltd's copper division by Hindalco. Consequently, IGF is now purely focused on the urea business.

Tata Chemicals: Going strong

Oct 29, 2003

Tata Chemicals (TCL) announced its 2QFY04 results yesterday. Buoyed by a revival in fertilizer demand and improved financial management, the company has reported a 16% growth in topline and an impressive 71% rise in bottomline. For 1HFY04, TCL has registered a 6% rise in net sales and a 59% growth in net profit. In this context, let us briefly evaluate the company’s performance.

Indo Gulf Fertilizers: Good times ahead

Oct 22, 2003

Indo Gulf Fertilizers (IGF) announced its 2QFY04 results yesterday. The company has reported a strong 38% growth in topline and a 31% rise in the bottomline in the September quarter on a YoY basis. For the 1HFY04, however, IGF has reported a marginal decline in net sales and a 29% increase in net profits. In this context, let us briefly evaluate the company’s performance.

Tata Chemicals: A run down

Oct 10, 2003

Tata Chemicals (TCL) is one of India’s leading manufacturers of inorganic chemicals and fertilizers. It is also the largest manufacturer in the world of synthetic soda ash. The company also operates a salt works capable of generating 2 m tonnes of solar salt (starting raw material for most of the basic chemicals that it produces) and a fertilizer complex with an installed capacity of 0.7 m tonnes.

Tata Chemicals: Growth on track

May 13, 2003

Tata Chemicals recently declared its FY03 and March quarter results, posting a tremendous jump (150%) in its bottomline for the March quarter, but the topline growth for the quarter has been sluggish. However, net sales growth of 14% for the full year has been impressive. Let's take a deeper look at the performance of the company during FY03.

Tata Chem: Profits rise 8% in 1HFY03

Oct 24, 2002

Tata Chemicals has registered a 13% growth in sales for 2QFY03. Operating profits have grown at a faster clip (19%) due to improvement in operating efficiencies. Soda ash prices have remained stable in the last one year and hence most of the operating margin jump seems to have come from cost savings.

Indo Gulf: Solid Performance

Oct 21, 2002

Indo Gulf Corporation Ltd. (IGCL) has reported another quarter of solid performance. Despite global economy weakening leading to reduced demand and softer commodity prices, the company has reported healthy financial perforamnce for quarter ended September '02. Having said that, sales growth has declined, as compared to the previous two quarters.

Tata Chem: Fairly valued?

Jul 31, 2002

The results posted by Tata Chemicals for 1QFY03 need to be read carefully. The company has reported a 158% rise in profitbality. However, the same is largely on account of lower base last year. In the first quarter of last year, there was a considerable drop in sales and profitability on account of fire at it's Mithapur factory.

Indo Gulf: Is it a fair valuation?

Jul 22, 2002

In a resturcturing proposal approved by the boards of Hindalco and Indo Gulf Corporation, a consolidation of Indo Gulf's copper business has been approved with Hindalco. The fertiliser business of Indo Gulf would be transferred to a new company 'Indo Gulf Fertilisers'. Do Indo Gulf shareholders tend to benefit from value unlocking?

Indo Gulf: 1QFY03 net up 35%

Jul 10, 2002

Indo Gulf has reported an encouraging performance for 1QFY03. The company recorded a growth of 23% in net sales, mainly on the back of expansion in copper division. A strong bounce back in copper prices also helped the company post a strong performance. Operating margins however, slipped 100 basis points reflecting copper price levels compared to the last year's levels. Net profit before tax jumped more than 35% to Rs 682 m. This being the second year of deferred taxation accounting, the spurt i

Soda Ash: Survival of the fittest

Jun 8, 2002

Soda ash (sodium carbonate) typically finds usage in soaps, detergents, glass and silicates and in the manufacture of chemicals. The domestic soda ash sector consists of five major players, largely led by Tata Chemicals with almost 50% market share of the industry.

Tata Chem: Fighting all odds

Jun 8, 2002

An across the board rejuvenation exercise undertaken by Tata Chemicals recently seems to be yielding results. The company has already achieved considerable success in its efforts to cut costs on both macro and micro front. The stage seems set for the company to become a globally competitive player in the soda ash business. This seems to be a big leap for the company as the industry, has hitherto survived primarily due to domestic tariff protection.

Indo Gulf: Good show

May 7, 2002

Indo Gulf has ended the year on an encouraging note. The company recorded a growth of 23% in net sales, mainly on the back of expansion in copper division. Profit before tax jumped more than 45% to Rs 4 bn. However, net profit growth was only 20% due to a sharp spurt in tax provision on the back of new accounting policy on deferred taxation. However, it may be noted that the company recorded a sharp dip in operating margins for the fourth quarter, in line with our expectations.

"Tata Chemicals should see some aggressive growth going forward."

Apr 6, 2002

In a candid interview to Equitymaster.com, Mr. Prasad Menon, MD, Tata Chemicals spoke at length how the company is steadily moving towards its target of achieving lowest synthetic soda ash cost producer status globally. He spoke about the company’s drive for cost competitiveness, the concerns and prospects for the company going forward. Finally he displayed confidence of fuelling organic/ inorganic growth for the company going forward.

Indo Gulf: Outperformance continues

Jan 28, 2002

Indo Gulf has managed another excellent quarter. While sales have grown by 12%, net profit has grown by around 26% due to considerable rise in operating margins. The rise in operating margins is encouraging particularly considering a backdrop of sharp fall in copper prices on a year on year basis.

Copper: Fortunes linked to Telecom

Jan 26, 2002

Having recently recovered from the South East Asian economic crisis, copper prices have been on a downward spiral in the last one-year. The reasons for the same are not far to fetch. Global economic slowdown, high inventory built up and increase in copper production capacity. The copper consumption estimates for 2001 indicates a slide of around 5%.

Indo Gulf: Emerging Giant

Jan 26, 2002

Last year marked a sharp change in the revenue mix of Indo Gulf. From a company primarily focused on fertilisers, Indo Gulf has gone on to capture a lion’s share in the domestic copper market. The company is integrating operations, pruning costs, rapidly expanding capacity and successfully penetrating into the highly competitive export market.


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