Tata Chemicals Limited has informed the Exchange about Investor Presentation
November 10, 2023
The General Manager Corporate Relations Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001 Scrip Code: 500770
Dear Sir / Madam,
The Manager Listing Department National Stock Exchange of India Limited Exchange Plaza Bandra-Kurla Complex, Bandra (E) Mumbai – 400 051 Symbol: TATACHEM
Sub: Submission of Analysts/Investors Presentation
Ref: Letter dated October 23, 2023 informing about Analysts/Investors Call
With reference to the aforesaid letter, please find enclosed the presentation to be made to Analysts/ Investors on the Unaudited Consolidated and Audited Standalone Financial Results for the second quarter and half year ended September 30, 2023 during the Analysts/Investors call to be held on Friday, November 10, 2023.
The presentation is being submitted in compliance with Regulation 30(6) read with Schedule III Part A Para A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
A copy of www.tatachemicals.com
the presentation
is also being uploaded on
the Company's website:
You are requested to take the same on record.
Thanking you,
Yours faithfully, For Tata Chemicals Limited
Rajiv Chandan Chief General Counsel & Company Secretary
Encl.: as above
Investors Communication ------------------------------------------ Quarter and Half Year Ended September 2023
1
Safe Harbour Statement
“This Presentation, except for the historical information, may contain statements, including the words or phrases such as ‘expects,
anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar
expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or
otherwise of Tata Chemicals Limited, its direct and indirect subsidiaries and its associates. Actual results might differ substantially or
materially from those expressed or implied. Important factors that could make a difference to the Company’s operations include,
among others, economic conditions affecting demand / supply, price conditions in the domestic and overseas markets in which the
Company operates, changes in Government policies and regulations, tax laws, and other statutes and incidental factors. You are
urged to view all statements contained herein with caution. Tata Chemicals Limited does not undertake any obligation to update or
revise forward look statements, whether as a result of new information, future events or otherwise.”
2
Financial Highlights
Quarter and Half Year Ended September 2023
3
Performance Highlights - Consolidated
Q2FY24 (₹ Crore)
H1FY24 (₹ Crore)
Revenue ₹ 3,998 Cr (CY) vs. ₹ 4,239 Cr (PY)
Revenue ₹ 8,216 Cr (CY) vs ₹ 8,234 Cr (PY)
EBITDA ₹ 819 Cr (CY) vs. ₹ 920 Cr (PY)
EBITDA ₹ 1,862 Cr (CY) vs. ₹ 1,935 Cr (PY)
PAT ₹ 495 Cr (CY) vs. ₹ 685 Cr (PY)
PAT ₹ 1,073 Cr (CY) vs ₹ 1,326 Cr (PY)
FCF ₹ 426 Cr (CY) vs. ₹ 383 Cr (PY)
Gross Debt
Net Debt
₹6,048 Cr (Sep 23)
₹4,347 Cr (Sep 23)
248
449
₹6,296 Cr (Mar 23)
₹3,898 Cr (Mar 23)
• Company continues to have robust cash flows
through efficient working capital management
and capex
• Capital investment projects on track
• Debt repayment on track
• Stable demand in India and US domestic
markets
• Markets saw softening especially in container
glass and flat glass segments leading to pricing
pressure
•
Inventory de-stocking and related softness in
overall
demand
is
expected
to
persist
throughout the current financial year
• Profit
for
the quarter
includes Rs. 102 cr.
exceptional gain due to reversal of provision on
account of settlement of long-pending entry tax
dispute
4
Financial Snapshot for the Quarter Ended September 2023 (₹ Crore)
Revenue Revenue Revenue
EBITDA EBITDA
Profit Before Tax (incl exceptional item of ₹ 102 Crore)
Profit After Tax (incl exceptional item of ₹ 102 Crore)
Consolidated | ₹ Crore
3,998
4,218
4,239
819
1,043
920
615
749
723
495
578
685
Q2FY24
Q1FY24
Q2FY23
Q2FY24
Q1FY24
Q2FY23
Q2FY24
Q1FY24
Q2FY23
Q2FY24
Q1FY24
Q2FY23
Revenue down by ₹ 241 Crore (↓6%)
EBITDA down by ₹ 101 Crore (↓11%)
PBT down by ₹ 108 Crore (↓15%)
PAT down by ₹ 190 Crore (↓28%)
Standalone | ₹ Crore
Revenue Revenue
EBITDA EBITDA
1,066
1,135
1,185
289
294
188
Profit Before Tax (incl exceptional item of ₹ 102 Crore)
406
273
277
Profit After Tax (incl exceptional item of ₹ 102 Crore)
328
236
243
600
500
400
300
200
100
-
Q2FY24
Q1FY24
Q2FY23
Q2FY24
Q1FY24
Q2FY23
Q2FY24
Q1FY24
Q2FY23
Q2FY24
Q1FY24
Q2FY23
Revenue down by ₹ 119 Crore (↓10%)
EBITDA down by ₹ 106 Crore (↓36%)
PBT down by ₹ 4 Crore (↓1%)
PAT down by ₹ 7 Crore (↓3%)
Note: Change is vs PY quarter PBT & PAT includes continuing operations, after share in JV & associates & before Non-Controlling Interest
5
Financial Snapshot for the Half Year Ended September 2023 (₹ Crore)
Revenue Revenue
8,216
8,234
Consolidated| ₹ Crore
EBITDA EBITDA
Profit Before Tax (incl exceptional item of ₹ 102 Crore)
Profit After Tax (incl exceptional item of ₹ 102 Crore)
1,862
1,935
1,364
1,520
1,073
1,326
YTD Sep 23
YTD Sep 22
YTD Sep 23
YTD Sep 22
YTD Sep 23
YTD Sep 22
YTD Sep 23
YTD Sep 22
Revenue down by ₹ 18 Crore (↓0.2%)
EBITDA down by ₹ 73 Crore (↓4%)
PBT down by ₹ 156 Crore (↓10%)
PAT down by ₹ 253 Crore (↓19%)
Revenue Revenue
EBITDA EBITDA
2,201
2,410
Standalone| ₹ Crore
Profit Before Tax (incl exceptional item of ₹ 102 Crore)
Profit After Tax (incl exceptional item of ₹ 102 Crore)
477
692
679
772
564
624
YTD Sep 23
YTD Sep 22
YTD Sep 23
YTD Sep 22
YTD Sep 23
YTD Sep 22
YTD Sep 23
YTD Sep 22
Revenue down by ₹ 209 Crore (↓9%)
EBITDA down by ₹ 215 Crore (↓31%)
PBT down by ₹ 93 Crore (↓12%)
PAT down by ₹ 60 Crore (↓10%)
Note: Change is vs PY PBT & PAT includes continuing operations, after share in JV & associates & before Non-Controlling Interest
6
Unit wise Profit & Loss (₹ Crore)
Consolidated
Tata Chem India
USA
UK
Kenya
Rallis
Statement of Profit and Loss for the quarter ended September 2023
Units
₹ Cr
Revenues
EBITDA
Q2FY24 Q1FY24 Q2FY23
Var vs PY
Q2FY24 Q1FY24 Q2FY23
Var vs PY
Q2FY24 Q1FY24 Q2FY23
3,998
4,218
4,239
(241)
1,066
1,135
1,185
(119)
1,326
1,484
1,179
819
1,043
920
(101)
289
294
(106)
319
476
211
188
102
-
Exceptional Items
Share of JV income
102
(12)
-
9
-
102
47
(59)
-
-
-
-
PBT (after JV share)
615
749
723
(108)
273
406
277
PAT (before NCI)
PAT (after NCI)
495
428
578
523
685
(190)
236
328
243
633
(205)
102
-
(4)
(7)
-
-
-
-
178
347
139
292
-
-
89
82
Q2FY24 Q1FY24 Q2FY23
Q2FY24 Q1FY24 Q2FY23
Var vs PY
Var vs PY
147
108
-
-
89
57
Q2FY24 Q1FY24 Q2FY23
608
114
-
-
33
33
650
113
-
-
40
40
651
142
-
(0)
99
99
Var vs PY
(43)
(28)
-
0
(66)
(66)
156
51
-
-
48
35
175
64
-
-
61
41
Var vs PY
(95)
(83)
-
-
251
134
-
-
833
135
-
-
124
(76)
110
154
(119)
81
782
110
951
(118)
118
17
-
-
85
63
-
-
95
71
-
-
15
10
Units
₹ Cr
Revenues
EBITDA
Exceptional Items
Share of JV income
PBT (after JV share)
PAT (before NCI)
PAT (after NCI)
Statement of Profit and Loss for the half year ended September 2023
Consolidated
Tata Chem India
CY
PY
Var
CY
PY
Var
CY
USA
PY
Var
CY
UK
PY
Kenya
Rallis
Var
CY
PY
Var
CY
PY
Var
8,216
8,234
1,862
1,935
102
(3)
-
76
1,364
1,520
1,073
1,326
951
1,226
(18)
(73)
102
(79)
(156)
(253)
(275)
2,201
2,410
477
102
-
679
564
692
-
-
772
624
(209)
(215)
102
-
(93)
(60)
2,810
2,298
794
487
-
-
526
431
-
-
248
223
512
307
-
-
278
208
1,258
1,182
227
-
-
73
73
240
-
(0)
148
148
76
(13)
-
0
(75)
(75)
332
115
-
-
108
76
497
253
-
-
235
265
(165)
(138)
-
-
(127)
(189)
1,614
1,814
(200)
244
231
13
-
-
9
6
-
-
195
145
-
-
186
139
7
1 .Consolidated financials is after adjusting SPV & other adjustments 2 .Rallis financials represent 100% share. Consolidated numbers is after adjustment of Rallis India’s NCI. Notes : Above financials are for Continuing Operations; NCI : Non-controlling Interest
Balance Sheet as on September 2023
Non - Current Assets
Inventories
Investments
Trade Receivables
Cash and Cash Equivalent
Others Current Assets
Total Assets Equity & Reserves
Non - Controlling Interests
Non-Current Liabilities
Borrowings (Non-Current) / Lease Liabilities
Borrowings (Current)/ Lease Liabilities
Trade Payables
Others Current Liabilities
Total Equities and Liabilities
Consolidated (₹ Cr)
Standalone (₹ Cr)
30-Sep-23
31-Mar-23
30-Sep-23
31-Mar-23
28,817
26,920
2,481
566
2,349
826
868
35,907 21,403
872
4,111
3,723
2,325
2,154
1,319
2,532
1,270
2,627
665
1,070
35,084 19,721
921
3,861
5,677
619
2,597
1,688
17,035
1,018
458
163
55
348
19,077 17,117
-
723
83
302
376
476
14,906
1,203
1,049
201
85
444
17,888 15,992
-
543
-
-
698
655
35,907
35,084
19,077
17,888
8
Sales Volumes | Key Products
Soda Ash| In Kts
Sodium Bicarbonate | in Kts
India US - Domestic US - Export UK Kenya
India UK
Salt | in Kts
India UK
822
801
857
1,623
1,742
54
53
58
107
116
415
384
387
799
805
61
55
55
57
73
69
117
112
157
133
315
295
289
610
566
24
24
30
48
58
77
72
84
149
172
230
239
272
469
563
30
29
28
59
58
161
155
154
316
323
338
312
303
650
633
Q2FY24
Q1FY24
Q2FY23
H1FY24
H1FY23
Q2FY24
Q1FY24
Q2FY23
H1FY24
H1FY23
Q2FY24
Q1FY24
Q2FY23
H1FY24
H1FY23
9
Historical Financial Trends (₹ Crore)
Consolidated | ₹ Crore
Standalone | ₹ Crore
e u n e v e R
& A D T B E
I
i
n g r a M
& T A P
i
n g r a M
1,500
1,300
1,100
900
700
500
300
100
(100)
1,50 0
1,30 0
1,10 0
900
700
500
300
100
(1 00)
3,141
3,481
3,995
4,239
4,148
4,407
4,218
3,998
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
25%
1,015
22%
22%
22%
920
922
965
25%
1,043
20%
819
17%
546
19%
657
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
14%
470
11%
340
16%
16%
641
685
16%
694
14%
578
12%
495
10%
432
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
-
800
700
600
500
400
300
200
100
-
900
800
700
600
500
400
300
200
100
-
30%
25%
20%
15%
10%
5%
0%
25%
20%
15%
10%
5%
0%
1,115
931
1,225
1,185
1,218
1,302
1,135
1,066
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
26%
25%
244
276
32%
398
25%
23%
294
284
20%
259
25%
289
18%
188
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
24%
269
17%
155
31%
381
21%
243
16%
16%
190
213
29%
328
22%
236
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
10
Historical Financial Trends (₹ Crore)
USA | ₹ Crore
Kenya | ₹ Crore
e u n e v e R
800
700
600
500
400
300
200
100
-
500
450
400
350
300
250
200
150
100
50
-
& A D T B E
I
i
n g r a M
& T A P
i
n g r a M
1,092
1,119
1,179
891
1,650
1,323
1,484
1,326
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
25%
25%
275
276
25%
326
18%
211
16%
143
28%
457
32%
476
24%
319
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
16%
13%
5%
45
174
141
12%
160
7%
82
18%
20%
290
292
10%
139
40%
35%
30%
25%
20%
15%
10%
5%
0%
25%
20%
15%
10%
5%
0%
300
250
200
150
100
50
-
200
180
160
140
120
100
80
60
40
20
-
171
132
246
251
241
208
175
156
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
19%
25
35%
60
48%
119
53%
52%
134
124
44%
91
37%
64
33%
51
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
300
250
200
150
100
50
-
12%
16
30%
51
61%
154
45%
111
44%
107
38%
78
24%
22%
41
35
10%
0%
70%
60%
50%
40%
30%
20%
10%
0%
90%
80%
70%
60%
50%
40%
30%
20%
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
11
Historical Financial Trends (₹ Crore)
UK | ₹ Crore
Rallis | ₹ Crore
e u n e v e R
& A D T B E
I
i
n g r a M
& T A P
i
n g r a M
800
700
600
500
400
300
200
100
-
400
350
300
250
200
150
100
50
-
300
250
200
150
50
-
(50)
551
576
531
651
739
707
650
608
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
12%
66
7%
41
18%
98
22%
20%
142
150
32%
225
17%
19%
113
114
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
(12)
2%
-2%
9%
50
15%
99
12%
87
28%
200
6%
40
5%
33
15%
13
100
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
1,000
900
800
700
600
500
400
300
200
100
-
200
150
100
50
-
(50)
(100)
150
100
50
-
(50)
(100)
863
951
782
833
628
507
630
523
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
11%
67
13%
12%
0%
113
118
8%
53
(65)
14%
110
16%
135
Q3FY22
(0) Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
6%
40
-3%
8%
67
7%
71
4%
23
-12%
(69)
8%
63
10%
81
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
(14)
-13%
12
20%
15%
10%
5%
0%
-5%
-10%
-15%
15%
10%
5%
0%
-5%
-10%
-15%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
35%
30%
25%
20%
10%
5%
0%
-5%
Expansion Plan on track
Expansion - Ongoing
Expansion - Planned
Products
Incremental Capacity (beyond Ongoing Expansion)
Products
Soda Ash
Bicarb
Salt
Capacity (Lacs MT)
Expansion
2.3
0.7
3.3
FY23
H1 FY24
H2 FY24
0.45
3.30
0.70
1.85
Soda Ash
~30%
Bicarb
~40%
Silica
5x
Till September 2023
Target Completion by Mar 24
₹ 2,300 Cr spent / committed
To be spent ₹ 600 Cr
Project Cost ~ ₹ 2,900 Cr
~ ₹ 2,000 Cr FY 24 - FY 27
s u t a t
S
t n e r r u C
13
Strategic Priorities
Tata Chem India
• Deliver consistent market and customer delivery performance through customer engagement • Deliver capacity expansions - Soda Ash, Bicarb & Salt expansion
Rallis
• Extend Portfolio offerings: New product introductions, plug portfolio gaps • Strengthen Manufacturing: Invest in manufacturing and registrations
USA
UK
• Maximize volumes through customer engagement • Focus on cost management • Generate cash and deleverage
• Ensure operating performance is in line with market dynamics • Focus on value added products like pharma salt and premium grade bicarb
Kenya
• Sustain volume delivery to customers through customer engagement • Continuous cost focus
Grow the core
Protect margin across geographies
Generate cash and deleverage
14
Sustainability
ESG initiatives
Priorities
Focus Areas & Projects
ESG Focus
Sustainable & Ethical Impacts
• ESG Disclosures improvement study is being carried out
Climate Change
Absolute carbon emission reduction
• Biomass scaleup pilot underway • Energy audit recommendations under implementation • Transition to renewable Hybrid Power being planned
Circular Economy
Water Neutrality, zero solid waste and recycle
• Water harvesting and conservation projects on track • Plastic waste recycling on track as per Extended Producer Responsibility compliance
Biodiversity
Preserve Natural Capital, conservation & restoration of biodiversity
• Coral reef restoration • Biodiversity reserve plantation • Whale shark conservation
Employee Safety and Health
Usage of Chlorine Tonner Emergency Kit Training - Mithapur
Fire Safety Training - Mombasa
Corporate Safety Visit – TCNA - USA
PPE Awareness Training – Mambattu
15
Awards and Recognitions
16
Annexure
Tata Chemicals Background
17
Journey So Far
Till Till FY18 FY18
Divestment of Urea and Phosphate Fertiliser Business
FY20
Completed Demerger of Consumer Products Business
FY21 Onwards
Focused Chemistry Solutions Company
Footprint across 4 Continents
Employing ~5,000 people
With 13 Manufacturing units
Supported by 3 R&D centers with 200 + Scientists
18
Our Facilities | India Operations
India
Major Products
Soda ash, Bicarb, Salt, Marine chemicals and Cement
Installed Capacity *
Soda Ash: 1,091,000 MTPA Bicarb: 150,000 MTPA Salt: 1,600,000 MTPA
Location
Gujarat
India
Prebiotics Specialty silica
Rallis India Limited1
Crop Care, Crop Protection and Seeds (herbicides, fungicides and insecticides, etc)
Prebiotic: 5,000 MTPA Specialty silica:10,000 MTPA
Andhra Pradesh and Tamil Nadu
Maharashtra and Gujarat
Lote
Akola
Ankleshwar
Dahej
* Includes capex investments underway
1 Tata Chem India holds 55.04% stake in Rallis India Limited as on 30 September 2023
19
Our Facilities | International Operations
Major Products
Installed Capacity*
USA
Soda Ash
2,540,000 MTPA
Location
Wyoming, USA
UK
Soda Ash, Bicarb, Salt
Soda Ash: 400,000 MTPA Bicarb: 130,000 MTPA Salt: 430,000 MTPA
Lostock & Winnington, Middlewich, UK
Kenya
Soda Ash
350,000 MTPA
Magadi, Kenya
* Includes capex investments underway
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Our Facilities | R&D Facilities
Tata Chem India Innovation Centre
Rallis India R&D Centre
200+ Technically skilled Scientists in R&D
3 State-of-the-art innovation Centers
Intellectual property | 204 patents filed; 133 granted
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Soda Ash Sales Volume Trends
Domestic
Domestic
Exports
s t K n
I
| a i d n
I
s t K n
I
|
K U
178
156
176
169
154
156
166
155
161
Q2 FY22
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Domestic
68
71
70
65
69
63
60
57
55
- Q2 FY22
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
s t K n
I
|
A S U
s t K n
I
|
a y n e K
617
586
615
568
561
610
608
353
264
320
266
323
292
276
292
289
272
313
297
371
237
Q2 FY22
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
535
545
295
240
Q1 FY24
315
230
Q2 FY24
Domestic
*
Exports
86
64
22
73
48
25
75
58
17
Q2 FY22
Q3 FY22
Q4 FY22
* includes Africa
83
76
7 Q1 FY23
73
63
10
Q2 FY23
69
58
11 Q3 FY23
63
51
12
55
44
11
Q4 FY23
Q1 FY24
61
52
9 Q2 FY24
22
THANK YOU
For any queries, please contact below :
Sriram Srinivasan
Damini Jhunjhunwala
ssriram@tatachemicals.com
djhunjhunwala@tatachemicals.com
Gavin Desa
gavin@cdr-india.com
Suraj Digawalekar
suraj@cdr-india.com
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