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Analyst Meet / AGM
03-Nov-11
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Conference Call
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Vinati Organics
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Expects full capacity utilization for the Isobutylene (IB) by FY'14
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Vinati Organics announced the financial results for the quarter ended September 2011 and held a conference call on Nov 1st 2011, to discuss the same and its future growth strategies. Vinati Saraf Mutreja-Executive Director and NK Goyal, Senior, CFO addressed the call. The key takeaways of the call are as follows
Highlights of the Concall:
- Vinati organics reported 29% fall in standalone net profit to Rs 8.65 crore for the quarter ended September 2011, despite the 37% growth in net sales to Rs 99.95 crore. Interestingly, the sales growth was on the back of higher price realizations coupled with the volume growth.
- The IBB sales volumes increased by 43% to 3300 MT for the quarter ended September 2011. In addition, ATBS sales volume higher by 9% to 2925 MT and IB sales surged by 183 % to 680 MT for the same period.
- The price realizations of the ATBS was at Rs 170 / Kg for the quarter ended September 2011 compared to Rs 164/Kg in corresponding previous period. Further, the price realization for the IBB was at Rs 105/Kg for the H1'FY12.
- The EBITDA margin for the IBB was around14-15% and the combined ATBS and IB margin was around 20% for the quarter ended September 2011.
- The current capacity of ATBS is 12000 MT. The debottlenecking of ATBS to 18000 MT expected to be completed by FY'12. Further, the expansion of ATBS to 21000 MT would be commenced in FY14.
- The company expects higher demand growth for the ATBS business in the coming quarters.
- The expansions of TBA capacity to 1000 MT, Industrial polymer to 4500 MT and setting up of new plant of Di Acetone Acrylamide (DAAM) plant with a capacity of 1000 MT are progressing well.
- The full capacity (12000 MT) of Isobutylene (IB) expected to be achieved by FY14. The IB production will be majorly used for captive use and rest will be sold in the market.
- The Company has witnessed quite encouraging results from the trials of PAP project and its commercial production might start by the end of the CY11.
- It has added three new products launches to its portfolio were Isobutylene, High Purity MTBE and Methanol.
- The standalone debt is at Rs 90.69 crore as 30th September 2011 compared to Rs 61.55 crore as on 30th September 2010.
- The Company is optimistic about the future demand and foresees a strong and robust growth in the coming quarters across all markets driven by existing and new products. Further, it expects revenues to reach Rs 600 crore by FY13.
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