Dolat Capital: Vinati Organics Posts Poor Q2 Performance
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Dolat Capital Report
Vinati Organics Ltd.’s Q2 FY21 poor performance was largely anticipated owing to plodding volumes of 2-acrylamido 2 methylpropane sulfonic acid.
Sales de-growth of 10.5% YoY/5.2% QoQ to Rs 2.19 billion reflects a poor ATBS off-take in enhanced oil recovery applications (approximately 15% of ATBS sales).
Ebitda de-growth of 15.8% YoY/13.4% QoQ to Rs 841 million and an Ebitda margin contraction of 241 basis points YoY to 38.3% exhibits low contribution of ATBS (higher than blended margins) in the mix.
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