Deepak Nitrite
consolidated net sales increased 15.61% to Rs 1991.06 crore in Q3Fy23 compared
to Q3FY22. Sales of Phenolics segment
has gone up 13.97% to Rs 1,181.60 crore (accounting for 59.10% of total sales).
Sales of Advanced Intermediates segment
has gone up 18.66% to Rs 817.77 crore (accounting for 40.90% of total
sales).
Profit before
interest, tax and other unallocable items (PBIT) has slumped 16.97% to Rs
274.49 crore. PBIT of Phenolics segment
fell 30.82% to Rs 127.02 crore (accounting for 46.27% of total PBIT). PBIT of Advanced Intermediates segment rose
0.34% to Rs 147.47 crore (accounting for 53.73% of total PBIT).
PBIT margin of
Phenolics segment fell from 17.71% to 10.75%.
PBIT margin of Advanced Intermediates segment fell from 21.33% to
18.03%. Overall PBIT margin fell from
19.15% to 13.73%.
Operating profit
margin has declined from 20.43% to 15.80%, leading to 10.59% decline in
operating profit to Rs 314.59 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
62.51% to 65.48%. Employee cost
increased from 3.85% to 4.19%. Other
expenses rose from 12.94% to 13.26%.
Power and Oil fuel cost fell from 7.01% to 6.92%.
Other income fell
48.12% to Rs 13.36 crore. PBIDT fell
13.15% to Rs 327.95 crore. Provision for
interest fell 14.26% to Rs 5.83 crore.
PBDT fell 13.13% to
Rs 322.12 crore. Provision for
depreciation fell 9.61% to Rs 41.1 crore.
Profit before tax
down 13.62% to Rs 281.02 crore. Share of
profit/loss were nil in both the periods.
Provision for tax was expense of Rs 71.97 crore, compared to Rs 82.87
crore. Effective tax rate was 25.61%
compared to 25.47%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company decreased 13.78% to Rs 209.05 crore.
Promoters’ stake was
45.72% as of 31 December 2022 ,compared to 45.69% as of 31 December 2021 .
For year-to-date (YTD) results analysis
Net sales (including
other operating income) of Deepak Nitrite has increased 21.92% to Rs 6010.7
crore. Sales of Phenolics segment has
gone up 19.70% to Rs 3,800.61 crore (accounting for 62.99% of total
sales). Sales of Advanced Intermediates
segment has gone up 26.82% to Rs 2,233.05 crore (accounting for 37.01% of total
sales).
Profit before
interest, tax and other unallocable items (PBIT) has slumped 23.60% to Rs
835.94 crore. PBIT of Phenolics segment
fell 39.61% to Rs 417.42 crore (accounting for 49.93% of total PBIT). PBIT of Advanced Intermediates segment rose
3.88% to Rs 418.52 crore (accounting for 50.07% of total PBIT).
PBIT margin of
Phenolics segment fell from 21.77% to 10.98%.
PBIT margin of Advanced Intermediates segment fell from 22.88% to
18.74%. Overall PBIT margin fell from
22.17% to 13.85%.
Operating profit
margin has declined from 24.20% to 15.66%, leading to 21.10% decline in
operating profit to Rs 941.42 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
60.53% to 67.86%. Employee cost
decreased from 4.06% to 3.94%. Other
expenses rose from 11.53% to 12.43%.
Power and Oil fuel cost rose from 6.20% to 6.75%.
Other income fell
10.39% to Rs 35.01 crore. PBIDT fell
20.76% to Rs 976.43 crore. Provision for
interest fell 24.68% to Rs 20.32 crore.
PBDT fell 20.68% to
Rs 956.11 crore. Provision for
depreciation fell 5.79% to Rs 125.38 crore.
Profit before tax
down 22.53% to Rs 830.73 crore. Share of
profit/loss were nil in both the periods.
Provision for tax was expense of Rs 212.59 crore, compared to Rs 272.83
crore. Effective tax rate was 25.59%
compared to 25.44%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company decreased 22.68% to Rs 618.14 crore.
Promoters’ stake was 45.72%
as of 31 December 2022 ,compared to 45.69% as of 31 December 2021.
The scrip is
currently trading at Rs 1806
Deepak Nitrite : Consolidated
Results
|
Particulars
|
2212
(03)
|
2112
(03)
|
Var.(%)
|
2212
(09)
|
2112
(09)
|
Var.(%)
|
2203
(12)
|
2103
(12)
|
Var.(%)
|
Net
Sales
|
1,991.06
|
1722.27
|
16
|
6,010.70
|
4929.84
|
22
|
6,802.19
|
4,359.75
|
56
|
OPM
(%)
|
15.8
|
20.4
|
|
15.7
|
24.2
|
|
23.6
|
28.6
|
|
OP
|
314.59
|
351.85
|
-11
|
941.42
|
1,193.25
|
-21
|
1,603.58
|
1,247.03
|
29
|
Other
Inc.
|
13.36
|
25.75
|
-48
|
35.01
|
39.07
|
-10
|
42.61
|
21.52
|
98
|
PBIDT
|
327.95
|
377.60
|
-13
|
976.43
|
1,232.32
|
-21
|
1,646.19
|
1,268.55
|
30
|
Interest
|
5.83
|
6.8
|
-14
|
20.32
|
26.98
|
-25
|
34.04
|
74.2
|
-54
|
PBDT
|
322.12
|
370.80
|
-13
|
956.11
|
1,205.34
|
-21
|
1,612.15
|
1,194.35
|
35
|
Depreciation
|
41.1
|
45.47
|
-10
|
125.38
|
133.08
|
-6
|
177.7
|
152.63
|
16
|
PBT
|
281.02
|
325.33
|
-14
|
830.73
|
1,072.26
|
-23
|
1,434.45
|
1,041.72
|
38
|
EO
Income
|
0
|
0
|
|
0
|
0
|
|
0
|
0
|
|
PBT
after EO
|
281.02
|
325.33
|
-14
|
830.73
|
1,072.26
|
-23
|
1,434.45
|
1,041.72
|
38
|
Taxation
|
71.97
|
82.87
|
-13
|
212.59
|
272.83
|
-22
|
367.81
|
265.91
|
38
|
PAT
|
209.05
|
242.46
|
-14
|
618.14
|
799.43
|
-23
|
1,066.64
|
775.81
|
37
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
78.2
|
56.9
|
|
Notes
|
*
EPS is on current equity of Rs 27.28 crore, Face value of Rs 2, Excluding
extraordinary items.
|
#
EPS is not annualised
|
bps
: Basis points
|
EO
: Extraordinary items
|
Figures
in Rs crore
|
Source:
Capitaline Corporate Database
|
Deepak Nitrite : Consolidated
Segment Results
|
|
%
of (Total)
|
2212
(03)
|
2112
(03)
|
Var.(%)
|
%
of (Total)
|
2212
(09)
|
2112
(09)
|
Var.(%)
|
%
of (Total)
|
2203
(12)
|
Sales
|
Advanced
Intermediates
|
41
|
817.77
|
689.16
|
19
|
37
|
2,233.05
|
1760.81
|
27
|
37
|
2,511.05
|
Phenolics
|
59
|
1181.6
|
1036.74
|
14
|
63
|
3800.61
|
3175.04
|
20
|
63
|
4303.42
|
Total
Reported Sales
|
100
|
1,999.37
|
1,725.90
|
16
|
100
|
6,033.66
|
4,935.85
|
22
|
100
|
6,814.47
|
Less:
Inter segment revenues
|
|
8.31
|
3.63
|
129
|
|
22.96
|
6.01
|
999
|
|
12.28
|
Net
Sales
|
|
1,991.06
|
1,722.27
|
16
|
|
6,010.70
|
4,929.84
|
22
|
|
6,802.19
|
PBIT
|
Advanced
Intermediates
|
54
|
147.47
|
146.97
|
0
|
50
|
418.52
|
402.89
|
4
|
41
|
595.73
|
Phenolics
|
46
|
127.02
|
183.61
|
-31
|
50
|
417.42
|
691.26
|
-40
|
59
|
867.11
|
Total
PBIT
|
100
|
274.49
|
330.58
|
-17
|
100
|
835.94
|
1094.15
|
-24
|
100
|
1,462.84
|
Less
: Interest
|
|
5.83
|
6.8
|
-14
|
|
20.32
|
26.98
|
-25
|
|
34.05
|
Add:
Other un-allcoable
|
|
12.36
|
1.55
|
697
|
|
15.11
|
5.09
|
197
|
|
5.66
|
PBT
|
|
281.02
|
325.33
|
-14
|
|
830.73
|
1072.26
|
-23
|
|
1,434.45
|
|