Vinati Organics Ltd's revenue for Q3FY19 came in at Rs303.05cr, up 63.2% yoy. The operating profit for the quarter came in at Rs106.44cr, which increased significantly by 113.6% yoy. The EBITDA margin expanded by ~827bps yoy during the quarter to 35.1%. The net profit after tax stood at Rs70.68cr, up 122.8% yoy. The revenue, EBITDA and PAT of the company for Q3FY19 beat the street estimate of Rs261cr, Rs91cr and Rs61cr by 16%, 17% and 16% respectively.
• The significant increase in revenue is on account of likely higher levels of volume and higher realizations during the quarter.
• Gross profit margin of the company expanded by ~435bps yoy to 51.2%. This is on account of likely improvement in product mix and increase in realizations.
• The expansion in EBITDA margin is led by likely improvement in operating leverage during the quarter. Employee benefit expenses increased moderately by 13.0% yoy to Rs14.05cr in Q3FY19. The other expenses increased signicantly by 40.4% yoy to Rs34.68cr in Q3FY19.
• The effective tax rate of the company for Q3FY19 stood at 34% as against 31% in Q3FY18. Further, the other incomes for Q3FY19 increased significantly to Rs7.28cr vs. Rs1.78cr in Q3FY18. This led to further traction in the net profit of the company.
Vinati Organics Ltd is currently trading at Rs. 1,580, up by 27.05 points or 1.74% from its previous closing of Rs. 1,552.95 on the BSE.
The scrip opened at Rs. 1,560 and has touched a high and low of Rs. 1,647.10 and Rs. 1,550 respectively. So far 1,11,646 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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