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Systematix Research Report
Vinati Organics Ltd. Q4 FY21 results were in line with our estimates with sales/Ebitda/adjusted profit after tax growth of 14%/down 3%/down 5% YoY and 14%/37%/10% QoQ.
Sales growth was driven by healthy volume offtake and improved realisations (up 14% YoY) for butyl phenol.
Acrylamido methylpropane sulphonic acid sales declined 11% YoY due to logistics challenges during Q4.
Despite price improvement across key products, gross margin contracted 50 basis points YoY to 59.2% due to a sharp increase in prices of raw materials such as toluene (78% YoY), acryl-o-nitrile (up 28%) and propylene (up 59%).
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