Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) has reported a 195 per cent increase in net profits for Q2 FY23 on higher sales. Net profits stood at ₹276 crore (₹93 crore). Revenue from operations was up 52 per cent at ₹2,719 crore (₹1,793 crore).
“Despite huge raw material prices hikes, our pass through remains healthy. Our strong alignment with India growth story provides positive tailwinds to demand growth for our products. Our drive from commodity to speciality continues to support premium margins and brand consolidation in the mining chemicals, pharma chemicals and crop nutrition businesses,” Sailesh C Mehta, CMD, said.
In the chemicals segment comprising of mining, speciality and pharma chemicals, revenue was up 55 per cent at ₹1,533 crore. The segment profit increased 193 per cent to ₹434 crore. The fertiliser segment revenues grew 47 per cent over the same period last year. The Asian Development Bank has recently granted $30 million debt assistance and $0.5 million technical grant for farm efficiency initiatives recently.
“The unique ADB association has been a very satisfying acknowledgement of the efforts and impact we have been making with providing speciality and crop-specific performance fertilisers and our intense work at the farmer level. Our drive for fast-track project execution for the ammonia and technical ammonium nitrate (TAN) projects continues full swing,” Mehta said.
DFPCL shares ended 3.3 per cent lower on the BSE at ₹885.20 on Thursday.