Vipul Organics FY23 revenues marginally up despite multiple headwinds

Vipul Organics FY23 revenues marginally up despite multiple headwinds

FY 2022-23 was a challenging one for the chemical industry

  • By ICN Bureau | June 06, 2023

Vipul Organics has reported standalone net sales at Rs 31.39 crore during the quarter ended in March 2023 down 19.25% from Rs. 38.88 crore during the corresponding quarter in 2022. Quarterly net profit at Rs. 0.36 crore in March 2023 down 83.67% from Rs. 2.23 crore in March 2022. Meanwhile, EBITDA stands at Rs. 3.13 crore in March 2023 down 38.39% from Rs. 5.08 crore in March 2022.

Commenting on the results, Vipul P. Shah, Managing Director, Vipul Organics Limited, said: “Financial year 2022-23 was a challenging one for us as well as the entire Chemical Industry with multiple headwinds. We have taken steps to derisk our business from Global turbulence by increasing our Domestic business and bringing Value added products. Today, over 30 percent of our top line comes from domestic markets.”

Speaking on the future outlook, Shah said: “We are in the process of creating a Pan India footprint for our products by strengthening our Distribution network. We have increased our Production capacities and entered new verticals like Paper, Special Applications, etc. While we are seeing Green Shoots in the Economy in India as well as Globally, the challenges remain. We are all geared up to take advantage of the improvement in Macroeconomic factors. We are hopeful that the coming year will be better and we will be back to a growth rate of 15-20 percent.”

With increased focus on Domestic markets, Vipul Organics aspires to be a truly Global company with the ability to service Export markets as well as the booming Domestic markets with the best in category Pigments and Dyes for varied coloring usage across sectors.

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