Vinati Organics, which manufactures specialty chemical and organic intermediaries, delivered a strong performance in the second quarter of 2022-23. The revenue and PAT grew 51.4% and 43% on a y-o-y basis, helped by robust demand for its key chemical products —ATBS and IBB. However, higher raw material costs led to a 250 basis points contraction in the gross margin. The company operates in niche segments and maintains global market leadership in