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Deepak Nitrite declines after poor Q1 earnings

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was down 2.88% to Rs 155.30 at 9:43 on after net profit fell 70.2% to Rs 20.10 crore on 6.1% growth in net sales to Rs 337.36 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours yesterday, 8 August 2017.

Meanwhile, the S&P Sensex was down 114.86 points or 0.36% at 31,899.33. The S&P Small-Cap index declined 106.19 points or 0.67% at 15,797.85.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 78,105 shares in the past one quarter. The stock had hit a high of Rs 160.40 and a low of Rs 151.75 so far during the day. The stock had hit a record high of Rs 194.80 on 6 July 2017 and a 52-week low of Rs 75.80 on 26 December 2016.

The stock had underperformed the market over the past one month till 8 August 2017, sliding 6.95% compared with the Sensex's 2.08% rise. The stock had, however outperformed the market over the past one quarter, gaining 16.76% as against the Sensex's 6.98% rise.

The scrip had also outperformed the market over the past one year, advancing 55.54% as against the Sensex's 13.6% rise.

The small-cap company has equity capital of Rs 26.14 crore. Face value per share is Rs 2.

The company's profit after tax (PAT) excluding exceptional items grew by 32% to Rs 20.10 crore in Q1 June 2017 over Q1 June 2016.

said that the outlook for the current financial year (FY 2018) is promising as it is pursuing growth across multiple segments and product lines. It has already made investments in the FSC segment, towards integration of existing products, for which it has received environmental clearance and is awaiting clearance from local authorities in order to commence operations; these projects are expected to strengthen overall performance of the FSC segment.

The company anticipates positive momentum in agrochemical intermediates on the back of favourable climatic conditions. Moreover, strategic initiatives to enhance process efficiencies and optimise costs, along with increase in proportion of high margin products will positively contribute to profitability. The company will commission its Phenol & Acetone project towards the end of FY 2018, opening up new frontiers of growth.

is a multi-division and multi-product company. The company's portfolio is a wide spectrum of products with diverse applications ranging from agrochemicals, rubber, pharmaceuticals, paper, textile, detergent, colourants, and petrochemicals to speciality and fine chemicals.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 09 2017. 09:43 IST