Vinati Organics Ltd shares declined more than 3 percent in intraday trade on Friday after the company reported a drop in revenue and net profit for the quarter ending June 30, 2023.

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The diversified chemicals manufacturer reported a double-digit fall of 27.6 percent on a year-on-year basis in its consolidated net profit at Rs 83.2 crore in the June ended quarter compared to Rs 115 crore in the same quarter last year.

Its revenue from operations declined 14.4 percent YoY to Rs 431 crore in Q1FY24, as opposed to Rs 503.4 crore recorded in the corresponding quarter a year ago.

The company’s earnings before interest, taxes, depreciation, and amortisation or EBITDA of Rs 109 crore was significantly low compared to Rs 152.2 crore in the year-ago quarter. Its EBITDA dropped 28.4 percent YoY.

Vinati Organics’ EBITDA margin also followed a falling trend in the April to June 2023 quarter, just as other financial figures for the period. The margin was reported at 25.3 percent in Q1FY24 as compared to 30.2 percent in the year-ago quarter.

The chemicals manufacturer’s total expenses in the June quarter dropped 7.9 percent on a YoY basis to Rs 335.5 crore compared to Rs 364.26 crore in the June quarter of the preceding fiscal year.

Further, the company’s Earnings Per Share (EPS) slashed 27.8 percent in Q1FY24 to Rs 8.1 as opposed to Rs 11.22 in the same quarter last year.

Vinati Organics Ltd is a specialty chemical company which manufactures and distributes organic intermediates, monomers and polymers. The product portfolio of the company includes aromatics, industrial monomers and industrial polymers.

Shares of Vinati Organics were trading at Rs 1,823.05 per piece, down 2.1 percent, on the BSE at 2:45 PM.