Deepak Fertilisers dives nearly 8% on dismal Q2 earnings

Deepak Fertiliser’s Q2 earnings disappointed on all three fronts of profit, revenue and profitability, prompting investors to dump the stock

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Shares of Deepak Fertilisers and Petrochemicals Corp plunged nearly 8 percent in the afternoon trade on November 2 after the company posted a dismal set of earnings for the September quarter.

The company’s net profit for the July-September period slumped 78 percent on year to Rs 60.10 crore. Revenue also took a hit and fell nearly 11 percent on year to Rs 2,424 crore.

Weak demand for fertilisers was the major factor behind the disappointing earnings performance. High-cost inventory and a spike in finance costs also weighed on the company’s performance.

At 2.55 pm, Deeepak Fertilisers was trading 6 percent lower at Rs 601 on the NSE. Volumes in the counter also surged as 13 lakh shares had changed hands on the exchanges, so far, sharply higher than the one-month daily traded average of 9 lakh shares.

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The company’s operational performance also remained under pressure, as the  EBITDA margin contracted sharply to 11.8 percent against 18.2 percent in the same quarter of the previous fiscal.

Weak demand in the domestic as well as global markets has affected the entire agrochemicals sectors Deepak Fertilisers has slumped over 16 percent this year so far.

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