Vinati Organics fell 2.84% to Rs 1,140.70 after the chemical maker posted a 44% decline in net profit to Rs 62 crore in Q2 September 2020 as against Rs 110 crore in Q2 September 2019.
Net sales fell 12% to Rs 219.44 crore in Q2 FY21 over Q2 FY20. Profit before tax stood (PBT) declined 28% to Rs 74.71 crore during the period under review. Current tax expense fell 16% to Rs 11 crore in Q2 FY21 over Q2 FY20. The result was announced after market hours yesterday, 5 November 2020.The company said that the financial numbers during the 2nd quarter were impacted due to Covid pandemic.
Apart from the capex of Rs 150 crore for manufacturing four new specialty chemicals and for expanding the present capacity of the PTBBA plant, board has approved additional capex of Rs 60 crore for new products and expansion. Expected revenue from the total capex is approximately 300 crore.
Vinati Organics is engaged in the manufacture of organic and inorganic chemical compounds nitrogenous energetic compounds (NEC).
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