Vipul Organics announces Q3 results for FY 2022-2023

Press Release

02 Nov 2023

Revenues: 9 Month revenues YoY up 8.22% at Rs.10266.09 Lakh

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 2022-23.

Some of the key highlights are:

Total Revenues in Q3 of 2022-23 stood at Rs. 2,788.49 Lakh
Total Revenues in Nine Months Ended 31st December 2022 stood at Rs. 10,266.09 Lakh, up 8.22% from the Nine Months ended on 31st of December 2021

Financials at a glance:

Quarterly results (YoY)

(Rupees in Lakhs except EPS)

	Q3, 2022-23		Q3, 2021-22
	Standalone	Consolidated	Standalone	Consolidated
Total Revenue	2,788.49	2,788.49	3,089.75	3089.02
EBDITA	15.18	14.57	219.61	219.29
PAT	12.94	10.62	151.49	151.17
EPS	0.10	0.06	1.27	1.26

Quarterly Results: (QoQ)

(Rupees in Lakhs except EPS)

	Q3, 2022-23		Q2, 2022-23
	Standalone	Consolidated	Standalone	Consolidated
Total Revenue	2,788.49	2,788.49	3,684.22	3,684.22
EBDITA	15.18	14.57	53.02	52.62
PAT	12.94	10.62	42.10	41.71
EPS	0.10	0.06	0.33	0.33

9 Months Ended

(Rupees in Lakhs except EPS)

	December 31, 2022		December 31, 2021
	Standalone	Consolidated	Standalone	Consolidated
Total Revenue	10,266.09	10,266.09	9,486.56	9,486.66
EBDITA	221.35	220.04	651.43	650.24
PAT	161.13	158.11	475.66	474.47
EPS	1.27	1.22	1.26	3.97

Commenting on the results, Mr. Vipul Shah, Managing Director, Vipul Organics Limited, said: “We were able to maintain and grow our topline by 8% in the nine month period ending 31st December 2022, over the same period ending 31st December 2021. This was despite very challenging geo-political and economic issues prevalent globally. However, with our corporate strategy of focussing on India business, in the first three quarters itself, we have surpassed the Domestic sales for last year. Our bottomline took a hit due to macro factors and price uncertainty in the global market. We are hopeful that FY 2023-24 should see these factors abating and we will witness a healthy growth rate”.

An explainer on how our major markets were affected due to global challenges:
China was our biggest export market and was completely shut out due to the pandemic situation. However Chinese market has just opened up, so we foresee a positive outcome in the future from this market.
In Egpyt, there was no foreign exchange available to make payments and therefore the sales suffered.
In USA, due to high inflation, there was a softening in manufacturing, impacting our clientele as well.
In Europe, a stiff increase in the energy costs led to a recession in demand.

We believe that these are temporary phases and the situation will improve drastically in the coming months.