Vipul Organics, a BSE-listed specialty chemicals company in the pigments and dyes segment, has announced its annual results. Total revenue in the financial year 2022-2023 stood at Rs 13,399.73 (Rs 133.99 crore), marginally up from Rs.13,386.44 lakh (Rs 133.86 crore) in 2021-2022.
The Q4 quarter-on-quarter revenues are up by 12.37% and profit after tax (PAT) was up by 181% due to focus on value-added products and increased sales in the domestic market. The export markets still present a challenging macroeconomic environment, the company said in a statement.
Domestic sales increased by over 35% year on year to Rs 44.75 crore from Rs 33.11 crore. The company announces a dividend of 9% on each share.
Commenting on the results, Vipul P. Shah, managing director, Vipul Organics, said: “The 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 de-risk our business from global turbulence by increasing our domestic business and bringing value-added products. Today over 30% of our topline comes from domestic markets.”
On the future outlook for Vipul Organics, Shah said they are in the process of creating a pan-India footprint for its products by strengthening its distribution network.
“We have increased our production capacities and entered new verticals such as paper, special applications, etc. While we can see green shoots in the economy in India and globally, the challenges remain. We are geared up to take advantage of the improvement in macroeconomic factors. We hope the coming year will be better and we will be back at a growth rate of 15-20%.”
With an increased focus on domestic markets, Vipul Organics also aspires to be a global company with the ability to service both the export and domestic markets with pigments and dyes for varied coloring usage across sectors.
Vipul Organics is among the leading manufacturers of pigments, dyestuff, lake colors, and pigment intermediaries/fast salts. It has three manufacturing facilities spread across Maharashtra and has a global footprint in over 45 countries.
