Deepak Nitrite Jun qtr net up marginally to Rs 6 cr

Gujarat-based Deepak Nitrite today reported a marginal increase of 3.57% in its profits for the June quarter to Rs 6.09 crore.

The company had posted a net profit of Rs 5.88 crore in the corresponding period last fiscal, it said in a statement issued here.

For the three months ended June 30, 2011, the net sales rose 6.83% to Rs 164.62 crore over Rs 154.09 crore it had posted in the year-ago period.

The firm's revenue from fuel additives grew nearly 47% to Rs 24 crore, during the quarter, it said.

"Fuel additives continue to be one of our top performing products with around 47% growth in revenues. Our plan to diversify our export markets is also progressing well with good growth in China and the US. Despite the challenges on account of rising input costs and a weakening dollar, the outlook remains strong due to a healthy demand environment," Deepak Nitrite Vice-Chairman and Managing Director Deepak Mehta said in the statement.

The firm added that its greenfield expansion at Dahej would be completed by September next year.