Vipul Organics announces Q3 results for FY 2023-2024

Vipul Organics Limited, the BSE listed (VIPULORG / 530627) leading Specialty Chemicals company in the pigments and dyes segment, announced their Quarter 3 results for FY 2023-24.

Some of the key highlights are:

On a Year on Year (YoY) basis:

- Total Revenues in Q3 of 2023-24 stood at Rs. 3761 Lakh, up 34.88% from Q3 of 2022-23

- Total PAT in Q3 of 2023-24 was up 650.19% from Q3 of 2022-23 on a consolidated basis and up 517.54% on a standalone basis

- Total Revenues in Nine Months Ended 31st December 2023 stood at Rs. 11044.99 Lakh, up 7.59% from the Nine Months ended on 31st of December 2022

- Total PAT for Nine Months ended 31st December 2023 was up 43.36% on a consolidated basis and 41.20% on a standalone basis

Financials at a glance: (Rupees in Lakhs except EPS)

Quarterly results (YoY)

Surge in Total Revenue:

Vipul Organics Ltd reported a substantial increase in total revenue for the third quarter of FY23-24 compared to the same period last year. Standalone and consolidated revenues stood at Rs. 3,761 lakhs, representing a significant growth from Rs. 2,788.49 lakhs in the previous year. This surge in revenue underscores the company's ability to capitalize on market opportunities and meet the evolving demands of its customers.

Impressive Profitability Metrics:

The company's profitability metrics also witnessed a remarkable improvement, demonstrating its strong operational performance and efficient cost management practices. Profit Before Tax (PBT) for the quarter stood at Rs. 130.49 lakhs on a standalone basis and Rs. 130.25 lakhs on a consolidated basis, marking a substantial increase from Rs. 15.18 lakhs and Rs. 14.57 lakhs, respectively, in the same period last year.

Profit After Tax (PAT) showed a similar upward trajectory, with standalone and consolidated figures reaching Rs. 79.91 lakhs and Rs. 79.67 lakhs, respectively, compared to Rs. 12.94 lakhs and Rs. 10.62 lakhs in Q3 FY22-23. This surge in profitability reflects the company's enhanced operational efficiency and effective business strategies.

Encouraging Earnings Per Share (EPS):

Vipul Organics Ltd also reported a notable increase in Earnings Per Share (EPS), which is a key indicator of the company's profitability on a per-share basis. The EPS for the quarter stood at Rs. 0.62 both on a standalone and consolidated basis, compared to Rs. 0.10 and Rs. 0.06, respectively, in the same period last year. This improvement in EPS highlights the company's ability to generate value for its shareholders.

Quarterly Results: (QoQ)

Steady Total Revenue:

In Q3 FY23-24, Vipul Organics Ltd reported total revenue of Rs. 37.61 crores both on standalone and consolidated bases. This figure remained consistent compared to the previous quarter, where the company recorded Rs. 36.60 crores. Despite the ongoing market challenges, the company's ability to sustain its revenue demonstrates its strong market position and effective business strategies.

Profitability Holds Firm:

The company's profitability metrics remained steady during the quarter under review. Profit Before Tax (PBT) stood at Rs. 130.49 lakhs on a standalone basis and Rs. 130.25 lakhs on a consolidated basis, showing marginal fluctuations from the previous quarter's PBT of Rs. 107.09 lakhs and Rs. 106.84 lakhs, respectively. This stability in PBT reflects Vipul Organics Ltd's ability to manage costs and optimize operational efficiencies amidst market volatilities.

9 Months Ended

Steady Revenue Growth:

During the nine months ended December 31, 2023, Vipul Organics Ltd reported a total revenue of Rs. 11044.99 lakhs on both standalone and consolidated bases. This represents a notable increase compared to the same period last year, where the company recorded revenues of Rs. 10,266.09 lakhs. The consistent growth in revenue underscores Vipul Organics Ltd's ability to capitalize on market opportunities and effectively execute its business strategies.

Enhanced Profitability:

The company's profitability metrics have also witnessed a substantial improvement during the period under review. Profit Before Tax (PBT) stood at Rs. 307.66 lakhs on a standalone basis and Rs. 306.80 lakhs on a consolidated basis, marking a significant increase from the previous year's PBT of Rs. 221.35 lakhs and Rs. 220.04 lakhs, respectively. This enhanced profitability reflects Vipul Organics Ltd's focus on cost optimization and operational efficiency across its business segments.

Strong Earnings Per Share (EPS):

Earnings Per Share (EPS), a key indicator of the company's financial performance on a per-share basis, also exhibited impressive growth. Vipul Organics Ltd reported an EPS of Rs. 1.77 on both standalone and consolidated bases for the nine months ended December 31, 2023, compared to Rs. 1.26 and Rs. 1.22, respectively, for the same period in the previous year. This significant improvement in EPS highlights the company's ability to generate value for its shareholders and drive sustainable growth.

Commenting on the results, Mr. Vipul Shah, Managing Director, Vipul Organics Limited, said: "The green shoots in the economy are reflected in our results. We are back on our growth trajectory, post the economic shocks of Covid. In this quarter, we also lay the foundation stone for our new facility at Sayakha which will be revenue accretive from F.Y. 2025-26. While global macro-economic factors are still a concern, we are seeing a robust demand for our products in the domestic market. Our newer offerings in sectors like Paper and Textiles are seeing huge traction and we are hoping for orders in the coming quarters".

Shares of Vipul Organics Ltd was last trading in BSE at Rs. 189.40 as compared to the previous close of Rs. 187.60. The total number of shares traded during the day was 19162 in over 216 trades.

The stock hit an intraday high of Rs. 200.00 and intraday low of 188.00. The net turnover during the day was Rs. 3712645.00.

Source : Equity Bulls

Keywords

VipulOrganics INE834D01018 SpecialtyChemicals Q3FY24 9MFY24 ResultUpdate