Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) today reported a 29% decline in net profit at Rs 45.50 crore on account of higher input costs, which the company intends to pass to the customers gradually.
DFPCL, which manufactures fertilisers and chemicals, had posted a net profit of Rs 63.93 crore in the year-ago period, it said in a filing to the BSE.
"Margins were impacted by higher raw material costs for the quarter under review. The impact of the higher costs will be passed on to customers gradually," DFPCL said in the filing.
"The company's performance for the first quarter of this financial year should be viewed against the backdrop of the overall economic scenario. With the delayed monsoon the entire agri/fertiliser industry has slowed down a bit," said DFPCL Vice-Chairman and Managing Director S C Mehta.
The total income of the company rose by 34% to Rs 634.13 crore in the first quarter of this fiscal compared to Rs 473.87 crore in the same quarter of 2011-12 fiscal.
The Pune-based manufacturer of complex fertilisers also produces industrial and mining chemicals and bio-fertilisers, among other products.
Shares of the company today closed at Rs 128.15 apiece on the BSE, down 2.58% from its previous close.
