Deepak Nitrite spurts after strong Q4 earnings

Deepak Nitrite rose 7.61% to Rs 294.30 at 10:54 IST on BSE after net profit rose 178.40% to Rs 56.57 crore on 23.65% rise in net sales to Rs 485.87 crore in Q4 March 2019 over Q4 March 2018.

Meanwhile, the S&P BSE Sensex was down 286.54 points, or 0.74% to 38,676.72.

On the BSE, 2.07 lakh shares were traded in the counter so far compared with average daily volumes of 19,000 shares in the past two weeks. The stock had hit a high of Rs 304.15 and a low of Rs 275.65 so far during the day. The stock hit a 52-week high of Rs 305 on 27 September 2018. The stock hit a 52-week low of Rs 204.60 on 26 December 2018.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 110.70 crore in Q4 March 2019, higher by 100% as against to Rs 55.40 crore reported in the same period last year. EBITDA margins improved sharply by 880 basis points to 22.7%, as compared to 13.9% in Q4 March 2018.

The company's net profit rose 65.40% to Rs 138.04 crore on 23.16% rise in net sales to Rs 1791.92 crore in the year ended March 2019 over the year ended March 2018.

In a separate announcement, the company informed that CRISIL has assigned the long-term rating for Bank Loan facilities of Rs 750 crore as CRISIL AA- Stable and assigned Short Term rating as CRISIL A1+ to the company.

Deepak Nitrite is one of the country's fastest growing chemical companies. It has a diversified portfolio of intermediates that cater to the dyes and pigments, agro-chemical, pharmaceutical, plastics, textiles, paper and home and personal care segments in India and overseas.

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