#VinatiOrganics Q3 2022 Concall Highlights 🧪⚗
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Operational Highlights
1. Revenue grew by 65% to ₹370 Cr from ₹223 Cr in Q3FY21 YoY
EBITDA growth is 32%
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Operational Highlights
1. Revenue grew by 65% to ₹370 Cr from ₹223 Cr in Q3FY21 YoY
EBITDA growth is 32%
2. Revenue and EBITDA contracted because Q3 is generally a slower quarter especially for ATBS as MNC keeps lower inventory at the end of year. Demand will start reviving from January
3. In 9MFY22 butyl phenol has already marked revenues ₹120 Cr
4. IBB has been negatively impacted on slow ibuprofen demand
5. Expecting 50% growth in sales in FY22 compared to FY21 (part of which is volume driven and price driven) with EBITDA margins closer to 30%.
4. IBB has been negatively impacted on slow ibuprofen demand
5. Expecting 50% growth in sales in FY22 compared to FY21 (part of which is volume driven and price driven) with EBITDA margins closer to 30%.
6. Assuming the prices stay same, volume growth is expected to be 25-30% for next three years including the subsidiaries
7. ATBS accounted for 50% of sale,Butyl phenol 12%, IBB 7-8%, and rest is other products
7. ATBS accounted for 50% of sale,Butyl phenol 12%, IBB 7-8%, and rest is other products
8. Q4 EBITDA is expected to better then previous three quarters due to sales ramping up in ATBS, IBB and Butyl phenol
Capex
1. The amalgamation on additive business, approval from SEBI is received and filed the application with NCLT, However due to Covid the process is getting delayed and expect to be completed in next 8 months
1. The amalgamation on additive business, approval from SEBI is received and filed the application with NCLT, However due to Covid the process is getting delayed and expect to be completed in next 8 months
2. The plan is expected to be commissioned in march 2022 and also added a new product in antioxidant L135 used as lube additive
With new addition of capacities, expecting additive sales to be ₹700 Cr as against earlier estimates of ₹500 Cr.
With new addition of capacities, expecting additive sales to be ₹700 Cr as against earlier estimates of ₹500 Cr.
3. Further expanding butyl phenol capacity by 15000 MT. Estimated capex is ₹100 Cr and most of these will be captively used in manufacturing of additives and expecting to complete by December 2022
4. Another capex of butylated phenol is underway and expected to complete this year with revenue potential of 60-70 Cr
5. Commissioned 6.5MW solar power plant. Taken board approval for another 7.5Mw of solar power plant with capex of ₹33Cr, post which 50% of consumption will be from captive solar and renewable energy
Subsidiary
1. Manufacturing 5 new specialty and niche chemistry products having application across pharmaceutical, perfumery and solvents for catalysts. Overall capex for this project is ₹250 Cr
1. Manufacturing 5 new specialty and niche chemistry products having application across pharmaceutical, perfumery and solvents for catalysts. Overall capex for this project is ₹250 Cr
2. The overall market for these products is in excess of ₹2500 Cr and the revenue potential at full capacity utilisation is ₹250 Cr targeting 10% market share.
3. The capex is underway and will be commenced in March 2023
4. The new antioxidant is value added product whereas the other three are volume driven products
All these products are B2B products
4. The new antioxidant is value added product whereas the other three are volume driven products
All these products are B2B products
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