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  • Deepak Nitrite Q2 PAT rises 49% YoY to Rs 254 cr

    Deepak Nitrite posted a 49.4% increase in consolidated net profit to Rs 254.34 crore in Q2 FY22 as compared to Rs 170.19 crore posted in Q2 FY21.

    Revenue from operations rose a 70.3% increase in net sales to Rs 1,681.35 crore in Q2 FY22 over Q2 FY21. Strategic Business Units of Basic Intermediaries (BI), Performance Products (PP)and Phenolics delivered scaled up performance during the quarter benefiting from operating leverage on account of better operating environment.

    EBITDA stood at Rs 395 crore in Q2 FY22 compared to Rs 280 crore in Q2 FY21, higher by 41% on year-on-year basis. EBITDA Margin declined to 23% in Q2 FY22 from 28% in the same quarter of corresponding year due to combination of higher input prices as well as increased cost of power and logistics. The company assured that it worked to maintain margins wherever possible while keeping or growing its market share across businesses.

    Profit before tax increased by 49.3% to Rs 341.86 crore in Q2 FY22 from Rs 228.84 crore posted in Q2 FY21.

    Commenting on the performance, Deepak Mehta, chairman & MD of the company said, “I anticipate a deeper partnership between Deepak and its strategic customers as significant volumes of our current and future products are supplied as part of long term, formula linked arrangements. In the meanwhile, the company will continue to place a high degree of importance to the twin pillars of process intensification and operational excellence in a responsible and sustainable manner. Growth going forward will be driven by planned expansion initiatives across SBUs and tactical introduction of several downstream chemicals and complex chemical platforms. We remain focused on our agility enabling us to capitalise on opportunities that emerge from rapid shifts across the industry landscape. Our entry into newer solvents will diversify our product portfolio, expand our client base, and increase the percentage of complex, high-margin products in the mix, thereby enhancing our business proposition."

    Commenting on the future outlook, the company said, “Performance in the BI segment is expected to be sustained in forthcoming quarters given the current trend of dual control policy in China. FSC segment will benefit from expected uptick in volumes of agrochemical products, resulting in and better business visibility. PP segment is expected to ride on improved demand from end user industries of Textiles and Paper post severe second wave impact. De-bottlenecking initiatives are being implemented at existing facilities which will improve capacity in the established SBUs of BI and FSC.”

    It further said, “The Phenolics business is set to benefit from higher proportion of captive consumption of its output as the next phase of greenfield expansions are implemented through the deployment of Rs 1100 crore of growth capital earmarked for this purpose. There will be an increase in value addition from the development of additional downstream chemical intermediates and complex chemical platforms.”

    Deepak Nitrite is one of the fastest growing chemical intermediates with 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, which are all accredited by Responsible Care.

    Shares of Deepak Nitrite fell 1.56% to Rs 2,429.40 on Wednesday.

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Flash News 26-Nov-2021
  •  ( 15:42) Sensex crashes 1,700 pts; The Nifty index manages to close above 17,000  
  •  ( 14:39) Indices hover near intraday low; The Nifty index holds 17,100 level  
  •  ( 12:32) LIC of India picks up minor stake in Aurobindo Pharma on Nov. 24  
  •  ( 12:20) Kirloskar Ferrous to acquire a majority stake in ISMT  
  •  ( 12:07) Shreyas Shipping & Logistics purchases carrier TBC Kailash for $14.60 mil.  
  •  ( 11:50) Indian Metals board OKs 1:1 bonus issue  
  •  ( 11:37) Indices hit intraday low; market breadth remains weak  
  •  ( 11:00) Ramkrishna Forgings bags order worth $1.2 mn in Oil & Gas segment  
  •  ( 10:35) The Nifty index trades below 17,200 level  
  •  ( 10:34) Benchmarks edge lower as COVID-19 fears re-escalate  
  •  ( 10:16) Tarsons Products lists at Rs 700 vs issue price of Rs 662  
  •  ( 10:14) Greenlam Ind board to mull stock split on 13 Dec  
  •  ( 09:32) Domestic indices open lower; The Nifty index trades beneath 17,300 mark  
  •  ( 08:46) Godrej Properties acquires land parcel in Bengaluru's Sarjapur  
  •  ( 08:35) Asian stocks trading lower  
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26 November 2021 00:00
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