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There has been drop in selling rates in domestic market in Sept 2022 by 10-15% after discontinuation of ADD on Import of solar glass from China from 17th Aug 2022 while costs remained high.
This means margins for current quarter will shrink further as Jun-Sep quarter has seen max 30% impact of the removal of ADD. Hence EBITDA could go as low as 23% for this quarter. Also from 1st Jan, new soda ash contract price would start which (as per various concalls of Tata Chem and other soda ash companies ) could be higher by 30% from current contract prices. Although new capacity addition would improve topline and help to absorb some fixed overheads, BR would struggle to cross 30% EBITDA margins in near future (even after new capacity addition due to new furnace and acquisition)
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