Deepak Fertilisers gains 2% on gas purchase deals with GAIL

With this agreement, the company’s total gas requirements for the next three years have been tied up with a gas basket consisting of a combination of Brent, HH & domestic linked, in order to give a risk-mitigated basket.

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Shares of Deepak Fertilisers traded nearly 2 percent higher on the NSE at the open hours on September 4 after the company signed two gas purchase deals with GAIL.

As of 10.24am, the stock was trading at Rs 615.60, a 1.9 percent higher than Friday’s close of Rs 603.75.

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On September 1, as per a regulatory filing by Deepak Fertilisers, the company had entered into two gas-purchase agreements with GAIL, a natural gas production and transmission PSU. According to the filing, with this agreement, the company’s “total gas requirements for the next three years have been tied up with a gas basket consisting of a combination of Brent, HH and domestic-linked, in order to give a risk-mitigated basket”.

Also read: Fertiliser sales may increase by November during rabi sowing season

For Q1FY24, the Deepak Fertilisers announced a 55.9 percent quarter-on-quarter (QoQ) decline in net profit at Rs 114 crore and a 73.9 year-on-year (YoY) decline for the same period. The company’s revenue from operations also declined 17.3 percent QoQ and 23.7 percent YoY to Rs 2,313 crore during the same period. For the quarter ended June 2023, EBITDA (earnings before interest, tax, depreciation, and amortisation) declined 40 percent YoY to Rs 281 crore in the June quarter.

Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) produces  fertilisers and industrial chemicals. Set up in 1979, its product portfolio includes industrial chemicals, bulk and specialty fertilisers, farming diagnostics and solutions, amongst others.

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