Tata Chemicals - Myiris.com

Income Statement (Rs m)
Y/e March 2012 2013 2014E 2015E
Net Revenue 137,998 148,061 153,446 163,305
Raw Material Expenses 85,559 74,236 75,044 80,269
Gross Profit 52,439 73,826 78,402 83,035
Employee Cost 11,454 11,255 11,818 12,409
Other Expenses 18,012 41,390 43,460 45,633
EBITDA 22,974 21,180 23,124 24,993
Depr. & Amortization 5,087 5,339 5,828 5,828
Net Interest 3,042 2,913 3,216 3,256
Other Income 1,228 1,726 1,444 1,444
Profit before Tax 14,845 12,929 14,080 15,909
Total Tax 3,439 3,025 3,753 4,253
Profit after Tax 11,406 9,903 10,327 11,656
Ex-Od items / Min. Int. 1,727 1,972 1,906 2,196
Adj. PAT 9,144 7,735 8,421 9,461
Avg. Shares O/S (m) 254.8 254.8 254.8 254.8
EPS (Rs.) 35.9 30.4 33.0 37.1
Cash Flow Abstract (Rs m)
Y/e March 2012 2013 2014E 2015E
C/F from Operations 12,439 5,588 21,229 21,450
C/F from Investing (7,947) (5,189) (6,000) (8,000)
C/F from Financing (1,953) 1,255 (11,027) (11,357)
Inc. / Dec. in Cash 2,539 1,654 4,203 2,094
Opening Cash 14,241 16,780 18,434 22,637
Closing Cash 16,780 18,434 22,637 24,731
FCFF (1,331) (272) 9,447 6,554
FCFE 6,982 9,773 7,947 5,054
Key Financial Metrics
Y/e March 2012 2013 2014E 2015E
Growth
Revenue (%) 24.8 7.3 3.6 6.4
EBITDA (%) 23.3 (7.8) 9.2 8.1
PAT (%) 30.1 (15.4) 8.9 12.3
EPS (%) 30.1 (15.4) 8.9 12.3
Profitability
EBITDA Margin (%) 16.6 14.3 15.1 15.3
PAT Margin (%) 6.6 5.2 5.5 5.8
RoCE (%) 10.6 8.7 8.6 9.2
RoE (%) 15.4 12.1 12.6 13.0
Balance Sheet
Net Debt : Equity 0.7 0.8 0.7 0.5
Net Wrkng Cap. (days) 27 61 59 54
Valuation
PER (x) 8.5 10.1 9.3 8.3
P / B (x) 1.2 1.2 1.1 1.0
EV / EBITDA (x) 5.3 6.1 5.3 4.8
EV / Sales (x) 0.9 0.9 0.8 0.7
Earnings Quality
Eff. Tax Rate 23.2 23.4 26.7 26.7
Other Inc / PBT 8.3 13.4 10.3 9.1
Eff. Depr. Rate (%) 5.1 5.2 5.4 5.0
FCFE / PAT 76.4 126.3 94.4 53.4
Source: Company Data, PL Research.
Tata Chemicals
Balance Sheet Abstract (Rs m)
Y/e March 2012 2013 2014E 2015E
Shareholder's Funds 64,180 64,136 69,596 76,095
Total Debt 59,461 69,506 68,006 66,506
Other Liabilities 18,279 21,175 21,175 21,175
Total Liabilities 141,920 154,816 158,776 163,776
Net Fixed Assets 48,990 46,703 46,875 49,047
Goodwill 64,034 66,270 66,270 66,270
Investments 11,787 12,807 13,591 13,591
Net Current Assets 17,109 29,056 32,061 34,889
Cash & Equivalents 16,780 18,434 22,637 24,731
Other Current Assets 48,240 56,572 55,545 57,630
Current Liabilities 47,911 45,950 46,122 47,472
Other Assets — (21) (21) (21)
Total Assets 141,920 154,816 158,776 163,776
Quarterly Financials (Rs m)
Y/e March Q1FY13 Q2FY13 Q3FY13 Q4FY13
Net Revenue 30,661 41,518 41,968 33,915
EBITDA 4,948 6,165 5,362 4,706
% of revenue 16.1 14.8 12.8 13.9
Depr. & Amortization 1,368 1,402 1,378 1,191
Net Interest 861 696 1,021 335
Other Income 383 449 163 732
Profit before Tax 2,719 4,067 2,963 3,179
Total Tax 450 1,158 733 684
Profit after Tax 1,076 2,568 2,241 (1,875)
Adj. PAT 1,563 2,327 1,749 2,123
Source: Company Data, PL Research.
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