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Deepak Nitrite Limited Q3 FY22 Results

25 January 2022
3 minutes

Deepak Nitrite Ltd. posted its quarterly results for Q3 FY22 on January 24, 2022. The company reported a 12% increase in its consolidated profit after tax (PAT) at Rs 242.4 crore in the quarter under review from Rs 216.5 crore in Q3 FY21. On a sequential basis, however, the company saw its PAT dip 4.7% from Rs 254.3 crore reported in the previous quarter.

Deepak Nitrite reported a 39.5% year-on-year (YoY) increase in its revenue from operations at Rs 1,722 crore from Rs 1,234.6 crore in the year-ago period. On a sequential basis, the increase was marginal at 2.4% from the Rs 1,681 crore reported in the previous quarter.

The company’s total income shot up by 41% YoY to Rs 1,748 crore from Rs 1,239 crore in Q3 FY21. Total income saw a modest 3.4% quarter on quarter (QoQ) jump against Rs 1,689 crore reported in the previous quarter on account of weak quarterly revenue growth. While both basic intermediaries and performance products performed exceptionally well, the revenue from the sale of fine and specialty chemicals saw a ~2% decline.

Hits

  • PAT up 12% YoY at Rs 242.4 crore from Rs 216.5 crore in the year ago period
  • Revenue from operations up 39.5% YoY, 2.4% QoQ to Rs 1,722 crore in the quarter under review
  • Total income up by 41% YoY, 3.4% QoQ to Rs 1,748 crore in Q3 FY22
  • Earnings Per Share (EPS) up at Rs 17.78 from Rs 15.88 in the year ago period

Misses

  • PAT down 4.7% QoQ at Rs 242.4 crore in the quarter under review against Rs 254.3 crore in the previous quarter
  • Earnings Per Share (EPS) down to Rs 17.78 from Rs 18.65 in the previous quarter

Segment-wise revenue

  • Basic intermediaries: Revenue up 76% YoY to Rs 345 crore from Rs 196 crore
  • Fine & Specialty Chemicals: Revenue down 1.9% YoY to Rs 206 crore from Rs 210 crore
  • Performance Products: Revenue up 87%% YoY to Rs 169 crore from Rs 90 crore
  • Phenolics: Revenue up 38.4% YoY to Rs 1,033 crore from Rs 746 crore

Other things to know about Deepak Nitrite

  • The management said that the company has considered all internal and external factors to evaluate the financial results concluding that there isn’t any significant impact of the COVID-19 pandemic on the Q3 FY22 results.
  • While foreign portfolio investors trimmed their holdings in Deepak Nitrite to 8.84% in the December quarter from 10.85% in the previous quarter, LIC doubled its stake to 3.37% recently. 
  • Deepak Nitrite’s P/B ratio is at 14.54 which is the highest in the mid-cap commodity chemicals sector against the industry average of 3.21. The company’s P/E ratio is 43.97 against the industry average of 25.21. 
  • The company’s dividend yield is at 0.22% against the sector average of 1.53%.

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