|
Deepak
Nitrite consolidated net sales increased 4.75% to Rs 1961.36 crore in Q4FY23
compared to Q4FY22. Sales of Phenolics
segment has gone up 4% to Rs 1169.88 crore (accounting for 59% of total sales). Sales of Advanced Intermediates segment has
gone up 7% to Rs 800.5 crore (accounting for 41% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 15% to Rs
313.58 crore. PBIT of Phenolics segment
rose 1% to Rs 177.04 crore (accounting for 56% of total PBIT). PBIT of Advanced Intermediates segment fell
29% to Rs 136.54 crore (accounting for 44% of total PBIT).
PBIT
margin of Phenolics segment fell from 15.6% to 15.1%. PBIT margin of Advanced Intermediates segment
fell from 25.7% to 17.1%. Overall PBIT
margin fell from 19.6% to 15.9%.
Operating
profit margin has declined from 21.92% to 17.74%, leading to 15.20% decline in
operating profit to Rs 347.96 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
62.38% to 60.82%. Employee cost
increased from 3.75% to 3.77%. Other
expenses rose from 12.29% to 12.54%.
Power and Oil fuel cost fell from 6.78% to 6.30%.
Other
income rose 255.08% to Rs 12.57 crore.
PBIDT fell 12.89% to Rs 360.53 crore.
Provision for interest fell 36.83% to Rs 4.46 crore.
PBDT
fell 12.47% to Rs 356.07 crore.
Provision for depreciation fell 8.29% to Rs 40.92 crore.
Profit
before tax down 12.99% to Rs 315.15 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 81.29
crore, compared to Rs 94.98 crore.
Effective tax rate was 25.79% compared to 26.22%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 12.48% to Rs
233.86 crore.
Equity
capital stood at Rs 27.28 crore as of 31 March 2023 to Rs 27.28 crore as of 31
March 2022. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 49.13% as of 31 March 2023 compared to 45.72% as of 31 March 2022.
Commenting on the
performance for Q4 & FY23, Mr. Deepak C. Mehta, Chairman & Managing
Director said:
“Our
company has performed well in the fiscal year 2023, with healthy topline growth
driven by stable demand and high plant efficiency. We have strengthened our
market position in several product portfolios and achieved production and
delivery volume benchmarks. Despite inflationary pressures in some inputs and
utilities, we remain committed to sustainable profitability, focused on people,
planet, and profit.
We
are extending our product portfolio by introducing new products from our
R&D pipeline, confident that our growing footprint across established and
new chemistries will sustain our momentum. We have efficiently faced
challenges, and fulfilled our supply commitments, ensuring a consistent and
steady supply of products to customers. We remain agile, capitalizing on
opportunities created through swift shifts in the industry landscape, and
excited by our prospects.
Our
large-scale investment plans reflect our enthusiasm to capitalize on the
opportunities available both in India and worldwide. We continue to diversify
our product offering by introducing novel intermediates, broadening our
clientele, and improving the overall value proposition. Our robust financial
position, deep client relationships, and considered growth investments position
us well to elevate our business proposition and consistently enhance value for
stakeholders.
Full year results
analysis
Net
sales (including other operating income) of Deepak Nitrite has increased 17.20%
to Rs 7972.06 crore. Sales of Phenolics
segment has gone up 16% to Rs 4970.49 crore (accounting for 62% of total
sales). Sales of Advanced Intermediates
segment has gone up 21% to Rs 3033.55 crore (accounting for 38% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 21% to Rs
1149.52 crore. PBIT of Phenolics segment
fell 31% to Rs 594.46 crore (accounting for 52% of total PBIT). PBIT of Advanced Intermediates segment fell
7% to Rs 555.06 crore (accounting for 48% of total PBIT).
PBIT
margin of Phenolics segment fell from 20.1% to 12%. PBIT margin of Advanced Intermediates segment
fell from 23.7% to 18.3%. Overall PBIT
margin fell from 21.5% to 14.4%.
Operating
profit margin has declined from 23.57% to 16.17%, leading to 19.59% decline in
operating profit to Rs 1,289.38 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 60.96% to 66.08%.
Purchase of finished goods cost rose from 0.08% to 1.76%. Employee cost decreased from 3.97% to
3.90%. Other expenses rose from 11.74%
to 12.46%. Power and Oil fuel cost rose
from 6.36% to 6.64%.
Other income rose 11.66% to Rs 47.58
crore. PBIDT fell 18.78% to Rs 1336.96
crore. Provision for interest fell
27.20% to Rs 24.78 crore. Loan funds
declined from Rs 315.03 crore as of 31 March 2022 to Rs 72.86 crore as of 31
March 2023. Inventories rose to Rs 893.07
crore as of 31 March 2023 from Rs 584.55 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,309.52
crore as of 31 March 2023 compared to Rs 1,129.06 crore as of 31 March
2022. Cash and bank balance declined
from Rs 41.79 crore as of 31 March 2022 to Rs 39.95 crore as of 31 March
2023. Investments declined from Rs 439.02
crore as of 31 March 2022 to Rs 379.35 crore as of 31 March 2023.
PBDT
fell 18.61% to Rs 1312.18 crore.
Provision for depreciation fell 6.42% to Rs 166.3 crore. Fixed assets increased to Rs 2,196.12 crore
as of 31 March 2023 from Rs 2,036.37 crore as of 31 March 2022. Intangible assets declined from Rs 49.29
crore to Rs 46.32 crore.
Profit
before tax down 20.12% to Rs 1,145.88 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 293.88
crore, compared to Rs 367.81 crore.
Effective tax rate was 25.65% compared to 25.64%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 20.12% to Rs
852.00 crore.
Equity
capital stood at Rs 27.28 crore as of 31 March 2023 to Rs 27.28 crore as of 31
March 2022. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 49.13% as of 31 March 2023 ,compared to 45.72% as of 31 March 2022
.
Cash flow from
operating activities decreased to Rs 649.92 crore for year ended March 2023
from Rs 823.84 crore for year ended March 2022.
Cash flow used in acquiring fixed assets during the year ended March
2023 stood at Rs 360.85 crore, compared to Rs 186.81 crore during the year
ended March 2022.
The scrip is currently
trading at Rs 1926
|
Deepak Nitrite : Consolidated
Results
|
|
Particulars
|
2303
(03)
|
2203
(03)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Net
Sales
|
1,961.36
|
1,872.35
|
5
|
7,972.06
|
6,802.19
|
17
|
|
OPM
(%)
|
17.7
|
21.9
|
|
16.2
|
23.6
|
|
|
OP
|
347.96
|
410.33
|
-15
|
1,289.38
|
1,603.58
|
-20
|
|
Other
Inc.
|
12.57
|
3.54
|
255
|
47.58
|
42.61
|
12
|
|
PBIDT
|
360.53
|
413.87
|
-13
|
1,336.96
|
1,646.19
|
-19
|
|
Interest
|
4.46
|
7.06
|
-37
|
24.78
|
34.04
|
-27
|
|
PBDT
|
356.07
|
406.81
|
-12
|
1,312.18
|
1,612.15
|
-19
|
|
Depreciation
|
40.92
|
44.62
|
-8
|
166.3
|
177.7
|
-6
|
|
PBT
|
315.15
|
362.19
|
-13
|
1,145.88
|
1,434.45
|
-20
|
|
EO
Income
|
0
|
0
|
|
0
|
0
|
|
|
PBT
after EO
|
315.15
|
362.19
|
-13
|
1,145.88
|
1,434.45
|
-20
|
|
Taxation
|
81.29
|
94.98
|
-14
|
293.88
|
367.81
|
-20
|
|
PAT
|
233.86
|
267.21
|
-12
|
852.00
|
1,066.64
|
-20
|
|
EPS
(Rs)*
|
#
|
#
|
|
62.5
|
78.2
|
|
|
Notes
|
|
*
EPS is on current equity of Rs 27.28 crore, Face value of Rs 2, Excluding
extraordinary items.
|
|
#
EPS is not annualised
|
|
bps
: Basis points
|
|
EO
: Extraordinary items
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|
Deepak Nitrite : Consolidated
Segment Results
|
|
|
%
of (Total)
|
2303
(03)
|
2203
(03)
|
Var.(%)
|
%
of (Total)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Sales
|
|
Advanced
Intermediates
|
41
|
800.50
|
750.24
|
7
|
38
|
3,033.55
|
2,511.05
|
21
|
|
Phenolics
|
59
|
1169.88
|
1128.38
|
4
|
62
|
4970.49
|
4303.42
|
16
|
|
Total
Reported Sales
|
100
|
1,970.38
|
1,878.62
|
5
|
100
|
8,004.04
|
6,814.47
|
17
|
|
Less:
Inter segment revenues
|
|
9.02
|
6.27
|
44
|
|
31.98
|
12.28
|
160
|
|
Net
Sales
|
|
1,961.36
|
1,872.35
|
5
|
|
7,972.06
|
6,802.19
|
17
|
|
PBIT
|
|
Advanced
Intermediates
|
44
|
136.54
|
192.84
|
-29
|
48
|
555.06
|
595.73
|
-7
|
|
Phenolics
|
56
|
177.04
|
175.85
|
1
|
52
|
594.46
|
867.11
|
-31
|
|
Total
PBIT
|
100
|
313.58
|
368.69
|
-15
|
100
|
1149.52
|
1,462.84
|
-21
|
|
Less
: Interest
|
|
4.45
|
7.07
|
-37
|
|
24.77
|
34.05
|
-27
|
|
Add:
Other un-allcoable
|
|
6.02
|
0.57
|
956
|
|
21.13
|
5.66
|
273
|
|
PBT
|
|
315.15
|
362.19
|
-13
|
|
1145.88
|
1,434.45
|
-20
|
|