India’s Deepak Nitrite Reports 68.4% Increase in Q4 2020-21 Net Profit

Deepak Nitrite Ltd., a chemical manufacturer in India, announced its results for the final quarter and financial year ended 31 March 2021.

Q4 YoY Results:

The company’s net profit increased 68.4% to Rs 290.11 crore ($39.2 million) in the quarter ended March 2021 as against Rs 172.3 crore ($23.3 million) during the prior year quarter.

Sales grew 39% to Rs 1469.17 crore ($198.7 million) in the quarter ended March 2021 as against Rs 1057.74 crore ($143 million) during the previous quarter ended March 2020.

Full-Year Results:

For the full year, net profit rose 27% to Rs 775.81 crore ($104.9 million) in the year ended March 2021 as against Rs 611.03 crore ($82.6 million) during the previous year ended March 2020.

Sales dropped 2.7% to Rs 4381.27 crore ($592.5 million) in the year ended March 2021 as against Rs 4264.91 crore ($576.8 million) during the previous year ended March 2020.

Growth was driven by specific business segments with Phenolics business growing 77% at Rs 937 crore ($126.6 million). The company reported 30% growth in the fine and specialty chemicals vertical to Rs 206 crore ($27.8 million).

Deepak Nitrite approved the re-appointment of Shri Maulik D. Mehta as a Chief Executive Officer (CEO) of the Company for a further period of five (5) years with effect from 9th May, 2021.

Maulik has around 13 years of experience in the areas of Business Development and has been responsible for the day-to-day business of all the verticals of the Company along with Group Strategy.