Deepak Fertilisers Q1 net profit dips by 6%

The company had clocked a net profit of Rs 45.50 crore in the same quarter previous year

Deepak Fertilisers and Petrochemicals Corporation (DFPC) today posted a 6% fall in standalone net profit at Rs 42.73 crore during the first quarter of this fiscal, due to higher expenses.

 

It had clocked a net profit of Rs 45.50 crore in the same quarter previous year, the company said in a BSE filing.

 

The profits fell slightly in April-June of 2013-14 fiscal as the company's expenditure remained higher at Rs 673.7 crore, against Rs 554.61 crore in the same period in 2012-13.

 

However, its net income rose by 27% to Rs 742.55 crore from Rs 633.16 crore in the review period.

 

Deepak Fertilisers said its Taloja plant in Raigad district of Maharashtra has resumed normal operations after the workers' strike ended on May 30 this year.

 

The company has settled the matter amicably with workers and a long-term wage agreement has been signed, the filing added.

 

Workers at Taloja plant had gone on strike from January 3 this year following dispute over disciplinary action taken by the management, among other issues.

 

Last month, Deepak Fertilisers had acquired 24.46% stake in the Vijay-Mallya-promoted Mangalore Chemicals and Fertilisers Ltd (MCFL) for an undisclosed amount.

 

The company has presence in agri business, mining chemicals, industrial chemicals and value added real estate.

 

The shares of the company were trading up by 3.52% at Rs 86.65 a piece on the BSE at 12.35 hours.