Deepak Fertilizers and Petrochemicals' net profit jumps 223% y-o-y in Q1FY23; stock spurts ~5%

1 Aug 2022 , 01:18 PM

Deepak Fertilisers and Petrochemicals Corporation Limited, among India’s leading producers of industrial chemicals and fertilizers, announced its results for the quarter ending June 30, 2022.

The company reported a 59% yoy jump in consolidated revenue in Q1FY23 at Rs3,031 crore as compared to Rs1,902 crore in the previous corresponding quarter.

It reported a consolidated operating EBITDA of Rs740 crore during the quarter under review, up by 155% yoy against Rs290 crore in the previous corresponding quarter.

Company’s consolidated net profit for Q1FY23 stood at Rs436 crore, clocking a growth of 233% on a y-o-y basis, against Rs131 crore in the quarter ended June 2021.

DFPCL’s Operating EBITDA Margins increased from 15.2% in Q1FY22 to 24.3% in Q1FY23.

Further, its Chemicals Segment contributed about 87% of total segment profits. Chemicals revenues doubled to Rs1,771 crore and margins increased from 19% in Q1FY22 to 41% in Q1FY23.

Fertilizers segment revenues witnessed a surge of 26% y-o-y to Rs1,256 crore, although segment margins were impacted owing to a sharp escalation in raw material prices.

Company’s Acids business achieved capacity utilization of 91% and IPA business of 58% in Q1FY23.

At around 1.21 PM, Deepak Fertilizers was trading at Rs745.10 up by Rs35.45 or 5% from its previous closing of Rs709.65 on the BSE. The scrip touched intraday high and low of Rs745.10 and Rs745.10 respectively.