Deepak Nitrite Ltd., a chemicals manufacturer based in India announced its results for the second quarter ended September 30, 2021.
Q2 Results- QoQ
The company’s net profit declined 16% to Rs 254.34 crores ($34 million) for the period ended September 30, 2021 as against net profit of Rs 302.63 crores ($40.4 million) for the previous quarter.
Net sales increased 10.1% to Rs 1689.78 crores ($225.7 million) during the period ended September 30, 2021 as compared to Rs 1534.47 crores ($205 million) during the previous quarter.
Q2 Results- YoY
The company’s net profit grew 49.4% to Rs 254.34 crores ($34 million) for the period ended September 30, 2021 as against net profit of Rs 170.19 crores ($22.7 million) for the prior-year quarter.
Net sales increased 71% to Rs 1689.78 crores ($225.7 million) during the period ended September 30, 2021 as com-pared to Rs 991.29 crores ($132.4 million) during the prior-year quarter.
Strategic Business Units of Basic Intermediaries (BI), Performance Products (PP)and Phenolics delivered scaled up performance during the quarter benefiting from operating leverage on account of better operating environment.
Half-Year Results- YoY
The company’s net profit grew 107% to Rs 556.97 crores ($74.4 million) for the 6 months period ended September 30, 2021 as against net profit of Rs 269.14 crores ($35.9 million) for the prior-year 6 months period.
Net sales increased 93% to Rs 3224.25 crores ($430.7 million) during the 6 months period ended Septem-ber 30, 2021 as compared to Rs 1672.53 crores ($223.4 million) during the prior-year 6 months period.
Deepak Mehta, chairman & MD of the company said, “I anticipate a deeper partnership between Deepak and its strategic customers as significant volumes of our current and future products are supplied as part of long term, formula linked arrangements. Growth going forward will be driven by planned expansion initiatives across SBUs and tactical introduction of several downstream chemicals and complex chemical platforms. Our entry into newer solvents will diversify our product portfolio, expand our client base, and increase the percentage of complex, high-margin products in the mix, thereby enhancing our business proposition.”
Deepak Nitrite Ltd is engaged in the business of manufacture and selling organic intermediates, performance products, phenolics & others.