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Exhibit 8: IMACID's financial performance (Rs m)<br />
<strong>Tata</strong> <strong>Chemicals</strong><br />
IMACID‐ performance in line; Q1FY14E likely to be impacted due to<br />
non‐agreement over phosphoric acid rates<br />
IMACID reported revenues of Rs740m, 40% YoY in line with our estimates. EBITDA<br />
for the quarter stood at Rs80m with margins of 10.8%. However, IMACID’s<br />
performance is likely to be impacted in Q1FY14E due to non-agreement over<br />
phosphoric acid rates.<br />
Y/e March Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 YoY gr. (%) QoQ gr. (%) FY13 FY12 YoY gr. (%)<br />
Net Sales 530 420 1,740 2,030 740 39.6 (63.5) 4,930 5,760 (14.4)<br />
EBITDA (20) (100) 100 80 80 NA NA 160 700 (77.1)<br />
Margin (%) (3.8) (23.8) 5.7 3.9 10.8 (386) 174 3.2 12.2 (73)<br />
APAT (30) (120) 70 60 48 NA (20) 58 540 (89.3)<br />
Source: Company Data, PL Research<br />
May 28, 2013 6
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