Vinati Organics hits upper circuit of 20% as Q1 profit doubles

The stock locked in upper circuit of 20% at Rs 1,188, also its new high on the BSE, after the company reported net profit of Rs 643 million in June quarter against Rs 311 million in year ago quarter.

Shares of Vinati Organics are locked in upper circuit of 20% at Rs 1,188 per share, also their new high on the BSE, after the company reported a more-than-double net profit of Rs 643 million in June 2018 quarter (Q1FY19). The company, which is engaged in commodity chemicals business, had profit of Rs 311 million in the same quarter last fiscal.

Gross revenue from operations increased 34% at Rs 2,647 million against Rs 1,969 million in the corresponding quarter of previous fiscal. Other income jumped three-fold at Rs 121 million from Rs 40 million in year ago quarter.

EBIDTA (Earnings before interest, tax, depreciation and amortization) margin improved from 25.5% in Q1FY18 to 34.6% in Q1FY19.

Till 02:45 PM; a combined 312,583 equity shares changed hands and there were pending buy orders for 23,812 shares on the BSE and NSE.