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Tata Chemicals: Profits remain flat - Views on News from Equitymaster
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Tata Chemicals: Profits remain flat
Nov 19, 2015

Tata Chemicals has announced its September quarter results. While the topline has grown by 4.2% YoY, bottomline has fallen 0.8% YoY during the quarter

Performance summary

  • Consolidated topline for the quarter grows 4% YoY, standalone topline grows 8% YoY
  • Operating margins on a consolidated basis contract by 0.7%, leading to a 0.8% drop in operating profits
  • Bottomline falls 0.8% YoY on the back of poor operating performance and higher interest outgo
  • Standalone bottomline falls 8% YoY.
  • Consolidated profits for the first half fall 6% YoY on the back of a 5% jump in topline.
  Consolidated Standalone Consolidated
(Rs m) 2QFY15 2QFY16 Change 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Net sales 47,935 49,969 4.2% 28,398 30,556 7.6% 86,438 90,638 4.9%
Expenditure 41,464 43,553 5.0% 25,183 27,460 9.0% 74,871 79,169 5.7%
Operating profit (EBDITA) 6,471 6,417 -0.8% 3,216 3,095 -3.7% 11,567 11,470 -0.8%
EBDITA margin (%) 13.5% 12.8%   11.3% 10.1%   13.4% 12.7%  
Other income 498 467 -6.1% 497 488 -1.8% 709 592 -16.5%
Interest (net) 1,256 1,422 13.2% 476 482 1.2% 2,290 2,700 17.9%
Depreciation 1,201 1,171 -2.5% 503 468 -6.9% 2,324 2,314 -0.4%
Profit before tax 4,511 4,291 -4.9% 2,733 2,633 -3.7% 7,661 7,048 -8.0%
Extraordinary items 9 -     -   9 -  
Tax 1,181 1,097 -7.1% 641 716   2,004 1,781 -11.1%
Profit after tax/(loss) 3,339 3,194 -4.3% 2,092 1,917 -8.4% 5,666 5,267 -7.1%
Share of loss of associate 23 16 -31.1% - -   34 23  
Minority Interest 746 629 -15.7% - -   1,307 1,164  
Net profit after minority interest 2,570 2,549 -0.8% 2,092 1,917 -8.4% 4,325 4,080 -5.7%
Net profit margin (%) 5.4% 5.1%   7.4% 6.3%   5.0% 4.5%  
No. of shares (m) 254.8 254.8   254.8 254.8   254.8 254.8  
Diluted earnings per share (Rs)*               22.4  
Price to earnings ratio (x)*       59.2% 4.5%     18.7  

(* on trailing twelve months earnings)

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