Deepak Fertilisers reports two-fold jump in profit; Stock zooms nearly 5%

31 Jan 2022 , 11:18 AM

Deepak Fertilisers and Petrochemicals Corporation Limited share gained nearly 5% in early morning trade on Monday following its results for the quarter ending December 2021. It was last trading at Rs 569.75, up by Rs 27.10 or 4.99% since its previous closing of Rs 542.65.

Deepak Fertilizers, reported a net profit of Rs 180.61 crore for Q3 FY’22 against Rs 88.95 crore for Q3 FY’21, increasing by 103.05% YoY.

The company reported a revenue of Rs 1,972.79 crore for the quarter ending December 2021, against Rs 1,456.23 crore for the previous corresponding quarter, reflecting a growth of 35.47% YoY.

The company’s revenue from its chemical business jumped to Rs 1,181.78 crores for the quarter ending December 2021, as against Rs 795.73 crore for the December 2020 quarter, showing a growth of 48.52% YoY.

As per the company, the mining chemical business reported an outstanding performance for the quarter, and the future outlook looks motivating, which gets support from an increase in mining and infrastructure-related activities.

Overall, the company reported robust growth across all its business segments. The growth momentum continues in operating profits despite unfavorable raw material prices impacting the company’s production.