Deepak Nitrite slumps as Q2 PAT drops 31% YoY to Rs 174 cr

Deepak Nitrite tumbled 7.79% to Rs 2,119.50 after the specialty chemical maker's consolidated net profit declined 31.4% to Rs 174.47 crore despite of a 16.7% rise in net sales to Rs 1,961.65 crore in Q2 FY23 over Q2 FY22.

Profit before tax slipped 31.3% to Rs 234.59 crore in Q2 FY23 from Rs 341.68 crore registered in Q1 FY22. Total expenses increased by 29% year on year to Rs 1,739.10 crore in the quarter ended 30 September 2022.

Cost of raw materials jumped 38.4% to Rs 1,448.26 crore while employee benefits expenses rose 15.03% to Rs 78.52 crore in Q2 FY23 over Q2 FY22.

During the quarter, the company's revenue from phenolics business rose 16.9% YoY to Rs 1,969.38 crore and advanced intermediates segment revenue grew 25.9% YoY to Rs 685.30 crore.

Deepak Nitrite is one of the leading suppliers of chemical intermediates. It has a diversified portfolio of intermediates that cater to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments in India and overseas.

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