- 08 Aug 2022
- ICICIdirect Research
Vinati posts Q1FY23 numbers
VINATIORGA - 1970 Change: 1.30 (0.07 %)News: Vinati numbers were better than our estimates on revenues front wih slight pressure on EBITDA margins. Revenues grew 31% YoY to Rs506.3 crores against our estimates of Rs475.8 crores with the main growth driver being better realizations from ATBS segment along with butyl phenols. Gross margins increased by 90bps YoY to 45.5% to Rs230.6 crores. OPM was down by 50bps YoY to 25.8% on account of sharp rise in power and fuel cost which increased by 67% YoY to Rs39.96 crores. EBITDA was up by 29% to Rs130.9 crores against our estimates of Rs127.1 crores. The bottom line growth was aided by 25% YoY to Rs101.2 crores against our estimates of Rs97.6 crores.
View: Strong ATBS growth along with decent performance from butyl phenols is likley to sustain growth momentum for the company. Sensing this, the company has already announced capex for both ATBS and butyl phenols recently.
Impact: Positive.