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Deepak Nitrite consolidated net sales rose 127% to Rs 1050.98 crore in Q1FY20 compared to Q1FY19. The company operating margins increased 1280 bps to 24.2% leading to 381% increase in operating profits to Rs 253.82 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was up 130 bps to 56.2% while employee benefit expenses was down 300 bps to 7.5% and other expenses decreased 320 bps to 7.5%. Power and fuel expenses increased 40 bps to 7.2%. Purchase of stock in trade was nil during the quarter compared to Rs 38.7 crore in Q1FY19.
Other income was Rs 11.59 crore compared to Rs 0.82 crore. Interest cost was up 163% to Rs 30.96 crore. Depreciation rose 158% to Rs 33.22 crore. PBT was up 595% to Rs 201.23 crore.
Effective rate of taxes was down 60 bps to 34.2%. PAT reported was up 602% to Rs 131.61 crore.
Segment wise, Basic Chemicals Segment revenue stood at Rs 225.74 crore, up by 1% YoY and accounted for 21% of sales. PBIT from the same was up by 13% to Rs 36.41 crore and accounted for 14% of total PBIT with PBIT margin at 16.1% as compared to 14.5% for June18 quarter.
Fine and speciality chemicals segment revenue stood at Rs 115.92 crore down by 5% YoY and accounted for 11% of sales. PBIT from the same was down 2% to Rs 27.93 crore and accounted for 11% of total. PBIT margins stood at 24.1% as compared to 23.4% for June 18 quarter.
Performance products segment revenue stood at Rs 225.71 crore up by 180% YoY and accounted for 21% of sales. PBIT from the same was Rs 131.14 crore compared to Rs 3.03 crore in June 18 quarter and accounted for 52% of total. PBIT margins stood at 58.1% as compared to 3.8% for June 18 quarter.
Phenolics segment revenue stood at Rs 500.62 crore compared to Rs 42.88 core in June18 quarter and accounted for 47% of sales. PBIT from the same was Rs 59 crore compared to negative of Rs 3.49 crore and accounted for 23% of total. PBIT margins stood at 11.8% for June19 quarter.
Performance for the year ended March 2019
For year ended March 2019, net sales rose 63% to Rs 2699.92 crore. The company operating margins increased 340 bps to 15.3%. As a result operating profits rose 111% to Rs 413.9 crore.
Other income rose 23% to Rs 15.12 crore. Interest cost was up 84% to Rs 83.25 crore. Depreciation rose 48% to Rs 77.79 crore. PBT was up 142% to Rs 267.98 crore..
Effective tax rate was up 650 bps to 35.2%. PAT reported was up 120% to Rs 173.66 crore.
For the 12 months, sales from the Basic chemical segment rose 10% to Rs 839.19 crore and accounted for 31% of sales. PBIT from the same was up by 36% to Rs 145.35 crore and accounted for 32% of total with PBIT margin at 17.3%.
For the 12 months, sales from the fine sand speciality chemicals segment rose 16% to Rs 535.64 crore and accounted for 20% of sales. PBIT from the same was up by 10% to Rs 126.55 crore and accounted for 28% of total with PBIT margin at 23.6%.
For the 12 months, sales from the performance products segment rose 34% to Rs 402.89 crore and accounted for 15% of sales. PBIT from the same was Rs 83.23 crore and accounted for 18% of total with PBIT margin at 20.7%.
For the 12 months, sales from the phenolics segment rose 363% to Rs 908.01 crore and accounted for 34% of sales. PBIT from the same was Rs 95.79 crore and accounted for 21% of total with PBIT margin at 10.5%.
The scrip is currently trading at Rs 284.7
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