Vipul Organics announces Q1 results for FY 2023-2024

Press Release, Aug 15, 2023, 4:09 PM IST

Vipul Organics Limited, a leading specialty chemicals company specializing in pigments and dyes, has reported its financial results for the first quarter of the fiscal year 2023-24. The company’s total revenues in Q1 reached Rs. 3,623.8 Lakh, showing a 15.64 percent increase compared to the previous quarter.

The Profit After Tax (PAT) figures are equally noteworthy. On a standalone basis, PAT for Q1 stood at Rs. 51.71 Lakh, reflecting a 42.06 percent growth from the previous quarter. On a consolidated basis, the PAT reached Rs. 51.34 Lakh, demonstrating a 76.49 percent increase from the prior quarter.

Mr. Vipul Shah, the Managing Director of Vipul Organics, expressed satisfaction with the company’s performance. “Our Quarter on Quarter sales and PAT have shown a healthy growth. The positive effect of Economies of Scale has also started kicking in, which is reflected in the increase in Profits. We are witnessing green shoots emerging in the International Markets, with US showing signs of recovery, while the European Markets continue to be challenging. The response from domestic markets continues to be encouraging. The focus on the right mix of Exports and domestic sales has started to pay off. We are confident that we will be able to maintain a healthy growth of 15-18% during the remaining part of the year,” he said.

Furthermore, Mr. Shah shared that the company’s expansion plans are on track. “Our Expansion plans are on track. We have executed the lease papers for our Greenfield project at Sakhya, Gujarat. The coming years are going to be exciting for Vipul Orgaincs, with tailwinds in the Pigments segment of the Chemical Industry. As we embark on the next 50 years of Vipul Organics’ journey, we believe that we will be able to set new benchmarks in the Indian Pigment and Dye Industry”, Mr. Shah added.