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Anand Rathi Report
Following a pickup in butyl phenol utilisation and recovery in ATBS (acrylamido tertiary-butyl sulfonic acid) demand, Vinati Organics Ltd. reported a good Q4.
Despite its Q4 revenue growth in, full year revenue/Ebitda/profit after tax fell 7%/14%/19% YoY on less demand for ATBS.
We expect revenue/Ebitda/profit after tax to clock 34%/38%/37% compound annual growth rates over FY21-23, driven by rising demand for its products, greater utilisation of butyl phenol and a pickup in demand for ATBS.
Further, the amalgamation with Veeral would add to revenue in coming years.
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