Vipul Organics announces Q3 results for FY 2022-2023
The company’s total revenue in Q3 of 2022-23 stood at Rs 2,788.49 lakh.
Vipul Organics, the Specialty Chemicals Company in the pigments and dyes segment, announced their Quarter 3 results for FY 2022-23. The company’s total revenue in Q3 of 2022-23 stood at Rs 2,788.49 lakh. The total revenue in nine months ended December 31, 2022, stood at Rs 10,266.09 lakh, up 8.22 per cent from the nine months ended on December 31, 2021.
Commenting on the results, Vipul Shah, Managing Director, Vipul Organics, said, “We were able to maintain and grow our topline by 8 per cent in the nine month period ending December 31, 2022, over the same period ending December 31, 2021. This was despite very challenging geo-political and economic issues prevalent globally. However, with our corporate strategy of focussing on India business, in the first three quarters itself, we have surpassed the domestic sales for last year. Our bottomline took a hit due to macro factors and price uncertainty in the global market. We are hopeful that FY 2023-24 should see these factors abating and we will witness a healthy growth rate”.
An explainer on how our major markets were affected due to global challenges:
China was our biggest export market and was completely shut out due to the pandemic situation. However Chinese market has just opened up, so we foresee a positive outcome in the future from this market. In Egpyt, there was no foreign exchange available to make payments and therefore the sales suffered. In USA, due to high inflation, there was a softening in manufacturing, impacting our clientele as well. In Europe, a stiff increase in the energy costs led to a recession in demand.
We believe that these are temporary phases and the situation will improve drastically in the coming months.
About Vipul Organics
Vipul Organics is a leading Specialty Chemicals company in the Pigments and Dyes segment. Today, it is amongst the foremost manufacturers of Pigments, Dyestuff, Lake Colours and Pigment Intermediaries / Fast Salts in the country. It has 3 manufacturing facilities spread across Maharashtra and has global footprint in over 50 countries. Vipul Organics ended the financial year 2021-22 with revenues of Rs 135 crore, marking a robust 13 per cent + growth over the previous financial year.