Deepak Nitrite soars 5% on strong jump in Q2 net profit

The rise in net profit was aided by an improved operational performance thanks to easing raw material costs.

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Shares of Deepak Nitrite soared over 5 percent in early trade on November 8 buoyed by the company’s strong jump in net profit for the July-September quarter. The company’s net profit for the quarter rose 17.50 percent on year to Rs 205.10 crore, up from Rs 174.50 crore in the year-ago period.

The rise in net profit was aided by an improved operational performance thanks to easing raw material costs. On that account, the company’s EBITDA margin also expanded to 17 percent in Q2 as against 13.8 percent in the year-ago period.

Moreover, Deepak Nitrite also acquired a 31.70 percent stake in Deepak Oman Industries (SFZ) LLC for a consideration of Rs 16.6 crore in Q2. Deepak Oman has been treated as an associate of Deepak Nitrite for Q2 FY24, which also aided its bottomline growth.

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At 09.32 am, shares of Deepak Nitrite were trading 2.1 percent higher at Rs 2,143.25 on the National Stock Exchange. Volumes also remained high as four lakh shares changed hands on the exchanges so far, higher than the one-month daily traded average of three lakh shares.

The rise in net profit came despite an over 9 percent fall in revenue to Rs 1,778.10 crore, largely due to the weak demand environment. The company had recorded a topline of Rs 1,961.70 crore in the base quarter.

Despite the growth in net profit, weakness in topline growth hints towards sustained weakness in the global chemical space, which may weigh on the stock in the near-term. However, analysts do expect a recovery in the sector towards the end of the current fiscal as the influx of Chinese inventory wanes out.

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