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Tatva Chintan Pharma Chem Ltd.’s Q1 FY23 Ebitda came in ~29% below our estimate on account of higher-than-expected pressure in structure directing agents revenue and forex loss of ~Rs 50 million.
SDA revenue contribution fell significantly to ~7% in Q1 FY23 versus ~52% in Q1 FY22. Revenue (ex-SDA) grew by ~60% YoY wherein all the sub-segments namely, phase transfer catalysts, pharmaceutical and agrochemical intermediates and other specialty chemicals and electrolyte salts grew significantly.
SDA sales were affected by semiconductor issues, geopolitical situation in Europe and extended lockdowns in China due to Covid-19 outbreak. The management expects significant improvement in SDA sales from Q4 FY23 onwards.
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