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Vinati Organics: Maintenance Shutdown Impacts Performance - Views on News from Equitymaster
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  • Nov 4, 2016 - Vinati Organics: Maintenance Shutdown Impacts Performance

Vinati Organics: Maintenance Shutdown Impacts Performance
Nov 4, 2016

Vinati Organics has announced the second quarter results financial year 2016-2017 (2QFY17). While the topline declined by 14.4% YoY, the bottomline declined marginally by 2.1% YoY.

Performance summary
  • Total income declined by 14.4% YoY during the quarter.
  • Operating profits declined by 12.1% YoY as margins contracted to 31.8% from 34% in the same quarter last year.
  • Net profit for the quarter declined by 2.1% YoY on the back of decline in operating profits, other income.
  • Net profit for 1HFY17 increased by 6.5% YoY.

    Financial snapshot
    (Rs m) 2QFY16 2QFY17 Change 1HFY16 1HFY17 Change
    Gross sales 1,541 1,446 -6.2% 3,142 3,150 0.3%
    Other operating income 190 36 -81.2% 325 103 -68.4%
    Total Income 1,731 1,481 -14.4% 3,467 3,253 -6.2%
    Expenditure 1,207 1,021 -15.4% 2,412 2,197 -8.9%
    Operating profit (EBDITA) 524 460 -12.1% 1055 1056 0.0%
    Operating profit margin (%) 34.0% 31.8% 33.6% 33.5%
    Other income 16 8 -49.2% 27 20 -24.0%
    Interest 22 5 -78.7% 47 19 -59.6%
    Depreciation 46 54 16.2% 92 107 16.1%
    Profit before tax 471 410 -13.0% 944 951 0.8%
    Tax 160 106 -34.2% 322 289 -10.3%
    Effective tax rate 34.0% 25.7% 34.2% 30.4%
    Profit after tax/(loss) 311 304 -2.1% 621 662 6.5%
    Net profit margin (%) 20.2% 21.1% 19.8% 21.0%
    No. of shares (m) 52
    Fully diluted EPS (Rs)* 26.3
    P/E (x)* 21.8

    *Based on trailing 12-months earnings

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