Deepak Nitrite Q3 PAT up 12% YoY

Deepak Nitrite reported 12% rise in consolidated net profit to Rs 242 crore on a 41% increase in revenue to Rs 1,748 crore in Q3 FY22 over Q3 FY21.

On the segmental front, Basic Intermediates revenue was Rs 345.81 crore (up 76.2% YoY), Fine & Speciality Chemicals revenue was Rs 206.66 crore (down 2% YoY), Performance Products revenue was Rs 169.88 crore (up 88.4% YoY) and Phenolics revenue was Rs 1,033.11 crore (up 38.3% YoY),

EBITDA improved by 11% to Rs 378 crore in Q3 FY22 from Rs 340 crore in Q3 FY21.

EBITDA Margin in the third quarter fell by 500 bps to 22% from 27% recorded in the corresponding period last year.

Deepak C. Mehta, chairman & managing director, said: The world continued its track record of unprecedented volatility in price and availability of commodities like coal, petrochemicals and even inorganics. This tumultuous environment tested the company and management on its judgement, agility and responsiveness to customer concerns.

While we work to mitigate short term challenges and focus on operating efficiencies, we are heartened to see record breaking top line performance of both companies on the back of increase in customer dependance on Deepak for uninterrupted supply.

Deepak Nitrite is one of the fastest-growing chemical intermediates with a diversified portfolio that caters to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments and petro-derivates intermediates- phenolics, acetone and IPA in India and overseas. Its products are manufactured in six plants across five locations.

The scrip fell 3.50% to currently trade at Rs 2281.25 on the BSE.

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