Tata Chemicals - Disappoints - Kotak

TTCH's 4QFY13 results were below estimates. Reasons: (1) Lower-thanexpected soda ash sales volumes at GCIP on account of temporary production issues, which have been resolved, (2) Rs280 mn of write-off in the Indian fertilizer business to comply with Government notification to reduce prices and (3) Magadi operations were affected as operations are taking time to normalize after heavy rains had slowed down production and also disrupted evacuation infrastructure. Impairment charges (Rs4.8 bn) on account of European soda ash operations led to a PAT loss of Rs1.9 bn.

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