The ratings agency also reaffirmed its rating on the non-fund based limits of the company at '[ICRA] A1'. The [ICRA] A+ (stable) rating on the company's non-convertible debenture was withdrawn.

ICRA said that the re-affirmation of ratings takes into account the stable financial performance expected in FY2020 of Deepak Fertilisers & Petrochemicals Corporation (DFPCL) on a consolidated basis owing to improvement in demand and margins of isopropyl alcohol (IPA) and ammonium nitro phosphate (ANP) and healthy demand of technical ammonium nitrate (TAN).

The stable outlook takes into account established position in both the chemicals and fertilisers segments and the stable demand outlook for both the sectors in the long term.

The scrip extended gains for third day. The stock has added 16.85% in three sessions from its recent closing low of Rs 79.50 recorded on 13 April 2020.

On a consolidated basis, its net profit jumped 145.8% to Rs 30.01 crore despite a 23% decline in net sales to Rs 1119.49 crore in Q3 December 2019 over Q3 December 2018.

Deepak Fertilisers and Petrochemicals Corporation is a manufacturer of fertilizers and chemicals.