India's Tatva Chintan loses 7% as analysts cut earnings estimates post Q4 profit decline

Tatva Chintan Pharma Chem

08/05/2023 06:32

** Shares of Tatva Chintan Pharma Chem Ltd  TATV.NS  fall as
much as 7.33%, their steepest intraday pct decline in nearly six
months, to 1,695 rupees
    ** Speciality chemicals maker reports fall in net profit to
169.5 mln rupees ($2.1 mln) for March-qtr vs 175.1 mln rupees
YoY; rev rose 26.4%
    ** Brokerage Nirmal Bang ("sell") says majority of TATV's
portfolio is not protected, expects earnings growth to moderate
in declining pricing scenario
    ** ICICI Securities cuts earnings estimates for FY2024 and
FY2025 after results, citing near-term margin weakness
    ** About 44,319 shares change hands as of 10:47 a.m. IST,
twice the 30-day avg - Refinitiv data
    ** Of five analysts tracking TATV, three maintain "buy", one
suggests "sell" and one recommends "hold"; median TP is 2,400
rupees 
    

($1 = 81.7120 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))