On consolidated basis, we expect net revenues to decline by 22% to Rs 17.0 bn. EBITDA margins are expected to decline by 70 bps to 22.3% YoY. As a result we expect EBITDA of Rs 3.8 bn, -25.1% YoY. We expect PAT of Rs 1.2 bn, -50.6% YoY and an EPS of Rs 4.8 for Q1FY10 as against Rs 9.7 in Q1FY09.
TCL on standalone
On stand alone basis we expect TCL to report net revenues of Rs 8.5 bn, -29.5% YoY. EBITDA Margins are expected to decline by 780 bps resulting in an EBITDA of Rs 1.3 bn. PAT is expected to come down by 78.4% YoY to Rs 404 mn.
We expect Urea sales volume to decline by 23% to 204 thousand mt while complex fertiliser is expected to increase by 118% to 172 thousand mt. Fertiliser EBIT is expected to decline by 69% to Rs 388 mn.
Revenues from chemical segment are expected to increase by 20% YoY to Rs 3.8 bn. And the EBIT is also expected to fall 60% to Rs 451 mn.
On stand alone basis we expect TCL to report net revenues of Rs 8.5 bn, -29.5% YoY. EBITDA Margins are expected to decline by 780 bps resulting in an EBITDA of Rs 1.3 bn. PAT is expected to come down by 78.4% YoY to Rs 404 mn.
We expect Urea sales volume to decline by 23% to 204 thousand mt while complex fertiliser is expected to increase by 118% to 172 thousand mt. Fertiliser EBIT is expected to decline by 69% to Rs 388 mn.
Revenues from chemical segment are expected to increase by 20% YoY to Rs 3.8 bn. And the EBIT is also expected to fall 60% to Rs 451 mn.
Subsidiary performance
BMGL's revenues are expected to decline by 9% to Rs 4.5 bn. We expect EBITDA margins of 25% resulting in an EBITDA of Rs 1129 mn and subsequent PAT of Rs 399 mn.
IMACID is expected to report net revenues of Rs 828 mn for the quarter. Contribution of IMACID towards Net Revenues is expected to be 20%. We expect EBITDA margins to fall by 1970 bps to 10%. EBITDA is expected to decline by 92% to 83 mn. We expect PAT of Rs 2 mn.
GCIP's contribution in net revenues is expected at Rs 3.2 bn with an EBITDA of Rs 1.3 bn. Profit after minority interest is expected at Rs 359 mn.
BMGL's revenues are expected to decline by 9% to Rs 4.5 bn. We expect EBITDA margins of 25% resulting in an EBITDA of Rs 1129 mn and subsequent PAT of Rs 399 mn.
IMACID is expected to report net revenues of Rs 828 mn for the quarter. Contribution of IMACID towards Net Revenues is expected to be 20%. We expect EBITDA margins to fall by 1970 bps to 10%. EBITDA is expected to decline by 92% to 83 mn. We expect PAT of Rs 2 mn.
GCIP's contribution in net revenues is expected at Rs 3.2 bn with an EBITDA of Rs 1.3 bn. Profit after minority interest is expected at Rs 359 mn.
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