India's Deepak Fertilisers profit doubles on stronger chemicals business
India's Deepak Fertilisers profit doubles on stronger chemicals business July 30 (Reuters) - India's Deepak Fertilisers DPFE.NS on Thursday said its first-quarter profit more than doubled, rebounding from two consecutive weak quarters, as stronger realizations across its chemicals business boosted margins.
Here are some key details:
The fertilizer maker's consolidated net profit rose to 4.9 billion rupees ($51.20 million) for the quarter ended June 30, from 2.43 billion rupees a year earlier.
The results follow two consecutive quarters of declining profit, hurt by higher raw material costs, while the March quarter was also affected by a planned ammonia plant shutdown.
The company said commencement of Equinor LNG supplies and stronger realizations across ammonia, mining chemicals and industrial chemicals drove margin expansion.
Total revenue rose 22.5% to 32.56 billion rupees, while expenses increased 11.7%.
Revenue from its chemicals business rose 34.9%, while the fertilisers business grew 9%.
The company said its Dahej nitric acid complex and Gopalpur technical ammonium nitrate project are nearing completion and are expected to begin contributing to profitability from the third quarter.
($1 = 95.6950 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Ronojoy Mazumdar)
((aleefjahan.cs@thomsonreuters.com;))
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Brief: Deepak Fertilisers And Petrochemicals Corp Q4 Consol Net Profit 1.39 Billion Rupees