The Hindu Business Line : Deepak Fert Q3 net rises 56%

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Pune Jan. 30 Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) has announced a 70 per cent growth in income and 56 per cent growth in net profit for the third quarter of the current fiscal as against the corresponding quarter last fiscal.

During the quarter, net sales were up at Rs 243.29 crore (Rs 143.40 crore), while profit after tax went up to Rs 24.74 crore (Rs 15.82 crore). Income from the company's chemicals business touched Rs 165.78 crore, up 63 per cent from Rs 101.49 crore. The fertilisers business grew to Rs 84.54 crore (Rs 50.47 crore).

Net sales for the first nine months of 2006-07 stood at Rs 622.52 crore (Rs 392.70 crore). The PAT was Rs 65.23 crore (Rs 52.94 crore).

DFPCL's newly commissioned isopropyl alcohol business registered sales of Rs 14.90 crore for third quarter of 2006-07 and stood at Rs 23.34 crore for the nine months of this fiscal. Sales were affected by a break in supply of refinery grade propylene during October owing to a fire at the supplier's plant, a company statement said. With restoration of normal supplies, production resumed from November.

Operating costs

The company's operating costs for the quarter under review were in line with expectations. The prices of naphtha, used to generate steam for the manufacture of chemical products, stood at an average of Rs 27,500 per tonnes per annum for the nine months ended December 31,2006, up 72 per cent over the comparable period last year, and impacted margins.

DFPCL's fertiliser business is now re-positioned as an agri-services business. The 3,00,000-tpa ammonium-nitrate project at Paradip, Orissa is expected to be complete by June 2009. Ishanya, the design centre and speciality mall, is set for a phased opening from April this year.