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ICICI Direct Report
Vinati Organics Ltd.'s revenues were above our estimates while profit after tax came in lower-than-expected owing to lower-than-expected gross margins.
Reported revenue growth of 70% YoY to Rs 374.1 crore, led by strong growth from - 2- Acrylamido 2 Methylpropane Sulphonic Acid (ATBS) segment.
Vinati Organics' gross margins declined 1230 basis points YoY to ~47.6% while Ebitda margin contracted 1130 bps YoY to 27%, due to higher raw material (up 123% YoY) and other operating cost (up 90% YoY).
Ebitda was up 20% YoY to Rs 101 crore. Profit after tax increased 31% YoY to Rs 81.3 crore owing to higher other income (up 868% YoY).
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