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Tata Chemicals Ltd Result Update: Q3 FY 12

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Tata Chemicals Ltd Result Update: Q3 FY 12 Tata Chemicals Ltd Result Update: Q3 FY 12 C.M.P: Rs. 364.00 Target Price: Rs. 400.00 Date: Feb 27 th , 2012 BUY Stock Data: SYNOPSIS Sector: Chemical Face Value Rs. 10.00 Tata Chemicals Limited’s operation 52 wk. High/Low (Rs.) 392.00/287.80 is organized under four segments i.e. Volume (2 wk. Avg.) 73000 Inorganic, Fertilisers, Other Agri- BSE Code 500770 inputs including Rallis operations Market Cap (Rs.In mn) 92792.70 and others - comprising of Water Purifier, Bio-fuels and Pulses. Share Holding Pattern During the quarter ended, the Net Profit of the company increased to Rs.2237.80 millions and registering a growth of 35.98%. Net Sales and PAT of the company are expected to grow at a CAGR of 20% and 24% over 2010 to 2013E respectively. 1 Year Comparative Graph Tata Chemicals Ltd maintained leadership position with 64% market share in the National Braded segment. Tata Chemicals had Expanded Soda Ash Capacity by 100000 TPA at TCNA TATA CHEMICALS BSE SENSEX Years Net sales EBITDA Net Profit EPS P/E FY 11 110601.50 19597.00 6534.70 33.20 10.75 FY 12E 142970.45 25865.68 9751.29 45.71 7.80 FY 13E 165845.72 29886.01 12012.77 54.74 6.52 1 Peer Group Comparison Market Name of the company CMP(Rs.) Cap.(Rs.Mn.) EPS(Rs.) P/E(x) P/Bv(x) Dividend (%) Tata Chemicals Ltd 364.15 92792.70 33.20 10.75 1.67 100.00 Pidilite Industries 144.00 73355.20 5.77 25.04 6.44 175.00 United Phosphorus 151.30 69871.00 5.94 25.47 3.09 100.00 Gujarat Fluorochemicals 494.90 54364.80 64.22 7.71 3.11 350.00 Investment Highlights Q3 FY12 Results Update Tata Chemicals Ltd disclosed a phenomenon rise in consolidated net profit for the quarter ended Dec 2011. During the quarter, the profit of the company surged 22.63 % to Rs 2559.20 million from Rs 2087.00 million in the same quarter previous year. Net sales for the quarter for the quarter rose 31.79% to Rs 38098.70 million from Rs 28908.50 million, when compared with the prior year period. It reported earnings of Rs 10.04 a share during the quarter, registering 22.63% increase over previous year period. Quarterly Results - Consolidated (Rs in mn) As At Dec-11 Dec -10 %change Net sales 38098.70 28908.50 31.79 PAT 2559.20 2087.00 22.63 Basic EPS 10.04 8.19 22.63 2 Break up of Expenditure Amalgamation of Wyoming The board approved the Scheme of Amalgamation of Wyoming Pvt ltd of Mauritius. No fo shares of the company will be issued and alloted in lieu or exchange of the equity shares of Wymoning 1 under the scheme and filed a petition with Bombay High court for approval of the scheme. Equity Stake in EMP Mining Ventures Inc, Canada. The company Wholly Owend step down overseas subsidiaries, aquired equity Stake of 25.70% in EPM Mining Ventures Inc, a company listed on the Totonto Stock Exchange in Canada during the September Quarter 2011. 3 Company Profile TATA Chemicals ltd is the one of the company of Tata Sons is the promoter of all key Tata companies and holds the bulk of shareholding in these companies. It is the owner of the Tata name and the Tata trademark, which are registered in India and several other countries. Tata Chemicals is the pioneer and market leader in India and a globally reputed company with interests focusing on three sectors in LIFE: Living, industry and firm Essentials. The company was incorporated on 23rd January, 1939 at Mumbai and began its business with the establishment of plant at Mithapur, Gujarat to manufacture of marine chemicals (salt, by-products of salt etc.) from the ocean. From these humble beginnings of TCL, it became market-leader in branded products and Pioneer in India’s branded Iodized salt segment. With the introduction of an innovative, low-cost, nanotechnology-based water purifier, it is providing affordable, safe drinking water to the masses. The company expanded its operations across four continents and become the world’s second largest producer of soda ash with manufacturing units in Asia, Europe, Africa and North America and company provides key ingredients to some of the world’s largest manufacturers of glass, detergents and other industrial products. Tata Chemicals Innovation Centre is one of the world-class R&D center across the world, capabilities in the emerging areas of nanotechnology and biotechnology. The company’s Centre for Agri-Solutions and Technology provides advice on farming solutions and crop nutrition practices The company has also entered into a JV to develop jatropha seedlings to enable bio fuels capability with Singapore’s Temasek Life Sciences Laboratory (Joil). 4 Products: Tata Chemicals aim to touch people’s lives with wide range of products. Its wide range of products that are use in industries such as pharmaceuticals, food processing, food essentials Tata Chemicals classifies its products under three categories: Living essentials: Basic products for daily living, such as salt, sodium bicarbonate or baking soda products, fresh produce and water-related products. Consumer salt: Tata Salt, I-Shakti, Tata Salt Lite Pulses: I-Shakti Water purifier: Tata Swach Industry essentials : Products that form essential inputs to diverse industries across the glass, detergents, mining and chemical processing sectors Soda ash Allied chemicals: Caustic soda, chlorine based products, bromine based products, gypsum, sodium tripolyphosphate, phosphoric and sulphuric acids Industrial salt Sodium bicarbonate Cement: Tata Shudh 5 Farm essentials: Farm inputs needed to improve crop health and productivity , such as fertilisers, pesticides, specialty nutrients, seeds and agri-services. Fertilisers Customised fertilisers Biofuels Subsidiary Companies Rallis India Limited Wyoming 1(Mauritius) Pvt Limited, Mauritius. Tata Chemicals South Africa (Proprietiry ) Limited, United Kingdom Tata Chemicals Magadi Limited, Kenya. British Salt Limited, United Kingdom. Tata Chemicals Europe Limited, United Kingdom. Genial Chemicals (Soda Ash) Inc., USA General Chemicals Canada Holdings Inc., Canada Tata Chemical Asia Pacific Private Limited, Singapore 6 Financial Results 12 Months Ended Profit & Loss Account (Consolidated) Value(Rs.in.mn) FY10 FY11 FY12E FY13E Description 12m 12m 12m 12m Net Sales 95437.90 110601.50 142970.45 165845.72 Other Income 1688.10 961.90 1881.12 2106.85 Total Income 97126.00 111563.40 144851.56 167952.57 Expenditure -77063.50 -91966.40 -118985.88 -138066.56 Operating Profit 20062.50 19597.00 25865.68 29886.01 Interest -3931.80 -3508.30 -4239.87 -4833.45 Gross profit 16130.70 16088.70 21625.82 25052.56 Depreciation -4467.80 -4510.50 -4979.76 -5278.54 Exceptional Items -2333.90 -368.60 -1443.46 -1587.81 Profit Before Tax 9329.00 11209.60 15202.60 18186.21 Tax -2093.20 -2749.20 -3554.93 -4237.39 Profit After Tax 7235.80 8460.40 11647.67 13948.82 Minority Interst -1311.40 -1925.70 -1874.58 -1912.07 Share of P&L of Asso 134.70 0.00 -21.80 -23.98 Net Profit 6059.10 6534.70 9751.29 12012.77 Equity capital 2433.20 2548.20 2548.20 2548.20 Reserves 44731.00 51968.70 63616.37 77565.19 Face value 10.00 10.00 10.00 10.00 EPS 29.74 33.20 45.71 54.74 7 Quarterly Ended Profit & Loss Account (Consolidated) Value(Rs.in.mn) 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12E Description 3m 3m 3m 3m Net sales 29539.50 35709.60 38098.70 39622.65 Other income 178.70 817.70 453.70 431.02 Total Income 29718.20 36527.30 38552.40 40053.66 Expenditure -24271.80 -28969.20 -32541.10 -33203.78 Operating profit 5446.40 7558.10 6011.30 6849.88 Interest -935.40 -1015.60 -1111.10 -1177.77 Gross profit 4511.00 6542.50 4900.20 5672.12 Depreciation -1249.00 -1250.40 -1227.90 -1252.46 Exceptional Items -66.60 -482.60 -468.20 -426.06 Profit Before Tax 3195.40 4809.50 3204.10 3993.60 Tax -634.60 -1356.90 -644.90 -918.53 Profit After Tax 2560.80 3452.60 2559.20 3075.07 Minority Interst -562.10 -698.30 -299.60 -314.58 Share of P&L of Asso 0.00 0.00 -21.80 0.00 Net Profit 1998.70 2754.30 2237.80 2760.49 Equity capital 2548.20 2548.20 2548.20 2548.20 Face value 10.00 10.00 10.00 10.00 EPS 10.05 13.55 10.04 12.07 8 Key Ratios Particulars FY10 FY11 FY12E FY13E No. of Shares(in mn) 243.32 254.82 254.82 254.82 EBITDA Margin (%) 21.02% 17.72% 18.09% 18.02% PBT Margin (%) 9.77% 10.14% 10.63% 10.97% PAT Margin (%) 7.58% 7.65% 8.15% 8.41% P/E Ratio (x) 12.25 10.97 7.97 6.65 ROE (%) 15.34% 15.52% 17.60% 17.41% ROCE (%) 48.95% 41.93% 44.52% 42.17% Debt Equity Ratio 0.06 0.05 0.05 0.04 EV/EBITDA (x) 4.42 4.74 3.59 3.10 Book Value (Rs.) 193.84 213.94 259.65 314.39 P/BV 1.88 1.70 1.40 1.16 Charts: NET SALES & PAT: 9 P/E RATIO (x): DEBT EQUITY RATIO: 10 EV/EBITDA(x): P/BV: 11 Outlook and Conclusion At the current market price of Rs.364.00, the stock is trading at 7.97 x FY12E and 6.65 x FY13E respectively.
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