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Results
21-May-24
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Analysis
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Deepak Nitrite
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Sales up 8%, NP up 9%
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Consolidated
net sales (including other operating income) of Deepak Nitrite has increased
8.40% to Rs 2126.21 crore. Sales of
Phenolics segment has gone up 25.32% to Rs 1,466.11 crore (accounting for
68.60% of total sales). Sales of
Advanced Intermediates segment has gone down 16.17% to Rs 671.07 crore
(accounting for 31.40% of total sales).
Inter-segment sales rose Rs 9.02 crore to Rs 10.97 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 8.43% to Rs
340.03 crore. PBIT of Phenolics segment
rose 16.43% to Rs 206.13 crore (accounting for 60.62% of total PBIT). PBIT of Advanced Intermediates segment fell
1.93% to Rs 133.90 crore (accounting for 39.38% of total PBIT).
PBIT
margin of Phenolics segment fell from 15.13% to 14.06%. PBIT margin of Advanced Intermediates segment
rose from 17.06% to 19.95%. Overall PBIT
margin fell from 15.91% to 15.91%.
Operating
profit margin has declined from 17.74% to 14.16%, leading to 13.46% decline in
operating profit to Rs 301.12 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
60.82% to 68.39%. Purchase of finished
goods cost fell from 5.96% to 0.08%.
Employee cost increased from 3.77% to 4.49%. Other expenses fell from 12.54% to
12.49%. Power and Oil fuel cost fell from
6.30% to 5.46%.
Other
income rose 52.19% to Rs 19.13 crore.
PBIDT fell 11.17% to Rs 320.25 crore.
Provision for interest fell 1.12% to Rs 4.41 crore. Loan funds rose to Rs 286.08 crore as of 31
March 2024 from Rs 72.86 crore as of 31 March 2023. Inventories declined from Rs 893.07 crore as
of 31 March 2023 to Rs 759.91 crore as of 31 March 2024. Sundry debtors were lower at Rs 1,298.35
crore as of 31 March 2024 compared to Rs 1,309.52 crore as of 31 March
2023. Cash and bank balance rose to Rs
465.46 crore as of 31 March 2024 from Rs 39.95 crore as of 31 March 2023. Investments declined from Rs 379.35 crore as
of 31 March 2023 to Rs 121.85 crore as of 31 March 2024.
PBDT
fell 11.30% to Rs 315.84 crore.
Provision for depreciation rose 13.54% to Rs 46.46 crore. Fixed assets increased to Rs 3,016.62 crore
as of 31 March 2024 from Rs 2,196.12 crore as of 31 March 2023. Intangible assets increased from Rs 46.32
crore to Rs 49.61 crore.
Profit
before tax down 14.52% to Rs 269.38 crore.
The company reported EO income of Rs 79.8 crore related to insurance
claim with respect to fire incident at Company`s one of the manufacturing sites
located at Nandesari, Gujarat in June 2022 compared to nil in the corresponding
previous year period. PBT after EO was up 11% to Rs 349.19 crore.
Share
of profit/loss were nil in both the periods.
Provision for tax was expense of Rs 95.34 crore, compared to Rs 81.29
crore. Effective tax rate was 27.30%
compared to 25.79%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 8.55% to Rs
253.86 crore.
Equity
capital stood at Rs 27.28 crore as of 31 March 2024 to Rs 27.28 crore as of 31
March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 49.13% as of 31 March 2024 ,compared to 49.13% as of 31 March
2023.
Full year results
analysis
Net
sales (including other operating income) of Deepak Nitrite has declined 3.64%
to Rs 7681.83 crore. Sales of Phenolics
segment has gone up 0.66% to Rs 5,003.45 crore (accounting for 64.75% of total
sales). Sales of Advanced Intermediates
segment has gone down 10.21% to Rs 2,723.88 crore (accounting for 35.25% of
total sales). Inter-segment sales rose
Rs 31.98 crore to Rs 45.50 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 5.20% to Rs
1,089.77 crore. PBIT of Phenolics segment
rose 8.32% to Rs 643.92 crore (accounting for 59.09% of total PBIT). PBIT of Advanced Intermediates segment fell
19.68% to Rs 445.85 crore (accounting for 40.91% of total PBIT).
PBIT
margin of Phenolics segment rose from 11.96% to 12.87%. PBIT margin of Advanced Intermediates segment
fell from 18.30% to 16.37%. Overall PBIT
margin fell from 14.36% to 14.10%.
Operating
profit margin has declined from 16.17% to 14.62%, leading to 12.88% decline in
operating profit to Rs 1,123.28 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 66.08% to 66.71%.
Purchase of finished goods cost fell from 1.76% to 1.02%. Employee cost increased from 3.90% to
4.63%. Other expenses rose from 12.46%
to 12.82%. Power and Oil fuel cost fell
from 6.64% to 6.03%.
Other
income rose 59.94% to Rs 76.1 crore.
PBIDT fell 10.29% to Rs 1199.38 crore.
Provision for interest fell 52.26% to Rs 11.83 crore. Loan funds rose to Rs 286.08 crore as of 31
March 2024 from Rs 72.86 crore as of 31 March 2023. Inventories declined from Rs 893.07 crore as
of 31 March 2023 to Rs 759.91 crore as of 31 March 2024. Sundry debtors were lower at Rs 1,298.35
crore as of 31 March 2024 compared to Rs 1,309.52 crore as of 31 March
2023. Cash and bank balance rose to Rs
465.46 crore as of 31 March 2024 from Rs 39.95 crore as of 31 March 2023. Investments declined from Rs 379.35 crore as
of 31 March 2023 to Rs 121.85 crore as of 31 March 2024.
PBDT
fell 9.50% to Rs 1187.55 crore.
Provision for depreciation fell 0.38% to Rs 165.66 crore. Fixed assets increased to Rs 3,016.62 crore
as of 31 March 2024 from Rs 2,196.12 crore as of 31 March 2023. Intangible assets increased from Rs 46.32
crore to Rs 49.61 crore.
Profit
before tax down 10.82% to Rs 1,021.89 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 290.84
crore, compared to Rs 293.88 crore.
Effective tax rate was 26.40% compared to 25.65%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 4.82% to Rs
810.90 crore.
Equity
capital stood at Rs 27.28 crore as of 31 March 2024 to Rs 27.28 crore as of 31
March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 49.13% as of 31 March 2024 ,compared to 49.13% as of 31 March 2023
.
Cash
flow from operating activities increased to Rs 878.06 crore for year ended
March 2024 from Rs 649.92 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 771.71 crore, compared to Rs
360.85 crore during the year ended March 2023.
On
August 11 , 2023, Deepak Nitrite Limited acquired 31.72% equity stake in DOIL
by subscribing to 7,70,000 equity shares of OMR 1 each for the consideration of
Rs 16.55 crore. Further, on March 20, 2024, oeepak Nitrite Limited acquired
additional 19.28% equity stake in Deepak Oman Industries (SFZ) LLC (DOIL) by
subscribing 4,95,824 equity shares of OMR 1 each for the consideration of Rs 10.69
crore. Cumutative holding as on March 31, 2024 is 51%.
The
Board of Directors, at their meeting hetd today i.e. Monday, May 20,2024, have
considered and approved to acquire 100% shareholding of OXOC Chemicats Limited
for Rs 1,00,000 (Rupess One Lakh only) having 10,000 equity shares with face
value of Rs. 10 each.
Deepak
Chem Tech Limited (DCTL), a wholly owned subsidiary of the company, has
commenced manufacturing operatlons of its stale-of-the-art Fluorination Plant
on March 21,2074 at Dahej. Further, in March 2024 DCTL commenced production of
speciatity salts for niche apptication in chemicals and Petrochemicals industry
at Sankarda near Vadodara in Gujara.
The scrip is
currently trading at Rs 2514
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Deepak Nitrite : Consolidated
Results
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Particulars
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2403
(03)
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2303
(03)
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Var.(%)
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2403
(12)
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2303
(12)
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Var.(%)
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Net
Sales
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2,126.21
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1,961.36
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8
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7,681.83
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7,972.06
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-4
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OPM
(%)
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14.2
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17.7
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14.6
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16.2
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OP
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301.12
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347.96
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-13
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1,123.28
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1,289.38
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-13
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Other
Inc.
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19.13
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12.57
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52
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76.1
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47.58
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60
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PBIDT
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320.25
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360.53
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-11
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1,199.38
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1,336.96
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-10
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Interest
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4.41
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4.46
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-1
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11.83
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24.78
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-52
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PBDT
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315.84
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356.07
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-11
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1,187.55
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1,312.18
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-9
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Depreciation
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46.46
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40.92
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14
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165.66
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166.3
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0
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PBT
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269.39
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315.15
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-15
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1,021.89
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1,145.88
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-11
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EO
Income
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79.8
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0
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79.84
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0
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PBT
after EO
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349.19
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315.15
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11
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1,101.73
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1,145.88
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-4
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Taxation
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95.33
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81.29
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17
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290.83
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293.88
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-1
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PAT
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253.86
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233.86
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9
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810.90
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852.00
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-5
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EPS
(Rs)*
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#
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#
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59.5
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62.5
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Notes
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*
EPS is on current equity of Rs 27.28 crore, Face value of Rs 2, Excluding
extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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EO
: Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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Deepak Nitrite : Consolidated
Segment Results
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%
of (Total)
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2403
(03)
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2303
(03)
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Var.(%)
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%
of (Total)
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2403
(12)
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2303
(12)
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Var.(%)
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Sales
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Advanced
Intermediates
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31
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671.07
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800.5
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-16
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35
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2,723.88
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3,033.55
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-10
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Phenolics
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69
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1466.11
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1169.88
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25
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65
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5003.45
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4970.49
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1
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Total
Reported Sales
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100
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2,137.18
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1,970.38
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8
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100
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7,727.33
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8,004.04
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-3
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Less:
Inter segment revenues
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10.97
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9.02
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22
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45.5
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31.98
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42
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Net
Sales
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2,126.21
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1,961.36
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8
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7,681.83
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7,972.06
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-4
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PBIT
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Advanced
Intermediates
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39
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133.9
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136.54
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-2
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41
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445.85
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555.06
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-20
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Phenolics
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61
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206.13
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177.04
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16
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59
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643.92
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594.46
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8
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Total
PBIT
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100
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340.03
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313.58
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8
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100
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1089.77
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1149.52
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-5
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Less
: Interest
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4.41
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4.45
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-1
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11.83
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24.77
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-52
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Add:
Other un-allcoable
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13.57
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6.02
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125
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23.78
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21.13
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13
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PBT
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349.19
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315.15
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11
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1101.72
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1145.88
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-4
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Previous News |
Deepak Nitrite intimates of fire incident at its Nandesari site
(
Corporate News
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03-Jun-22
11:03
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Deepak Nitrite intimates of minor fire at its Nandesari unit
(
Corporate News
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08-Feb-23
13:08
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Deepak Nitrite
(
Results
-
Analysis
10-Aug-20
15:09
)
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Deepak Nitrite says Nandesari plant resumes operations
(
Hot Pursuit
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13-Jul-22
10:37
)
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Deepak Nitrite to hold board meeting
(
Corporate News
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08-May-24
10:56
)
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Deepak Nitrite consolidated net profit rises 8.55% in the March 2024 quarter
(
Results
-
Announcements
21-May-24
07:27
)
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Deepak Nitrite
(
Results
-
Analysis
06-May-19
11:29
)
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LIC hikes stake in Deepak Nitrate
(
Corporate News
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29-Sep-22
17:56
)
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Deepak Nitrite
(
Analyst Meet / AGM
-
Conference Call
05-May-22
22:23
)
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Deepak Nitrite
(
Results
-
Analysis
28-Oct-21
19:20
)
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Deepak Nitrite bucks trend, hits record high level
(
Hot Pursuit
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26-Feb-21
09:47
)
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