Mumbai, Jun 30 (PTI) Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) today announced 118 per cent jump in net profit at Rs 51.85 crore in Q4 FY 17 as against Rs 23.78 crore in Q4 FY 16. Also Read - MCFL gets green nod for Rs 1,547-cr expansion project in Karnataka
Total income of the company for the quarter, grew to Rs 1,215.39 crore in Q4 FY17 as compared to Rs 1,137.89 crore in Q4 FY16, whereas profit before tax witnessed substantial growth from Rs 32.52 crore in Q4 FY16 to Rs 65.73 crore in Q4 FY17, an increase of 102 per cent, a company statement said here. Also Read - Deepak Fertilisers Q3 net up 12 pc at Rs 57.58 cr
On an annual basis, total income for the company dropped marginally to Rs 4,257.25 crore in FY 17 as compared to Rs 4,468.52 crore in FY 16, whereas profit before tax increased to Rs 223.29 crore in FY 17 from Rs 167.51 crore in FY 16, an increase of 33 per cent and profit after tax (PAT) increased to Rs 160.15 crore in FY 17 from Rs 119.83 crore in FY 16, an increase of 34 per cent. Also Read - Deepak Fertilisers Q2 net profit up 72.57%
The company’s acids, in the chemicals segment have maintained consistent performance and have sustained their market share, the release said.
In solvents, company continued to maintain its market leadership in Iso Propyl Alcohol (IPA) and trading of solvents registered substantial growth. Lower production of acids and solvents due to water shortage impacted the performance despite favourable demand scenario prevailing in the market, it said.
Lower production in Q1 due to water shortage and surge in imports of low priced ammonium nitrate in Q2, impacted the revenues of Technical Ammonium Nitrate (TAN), the release said.
Chemical segment revenues for the quarter stood at Rs 904.58 crore in Q4 FY17 as against Rs 697.06 crore in Q4 FY16, whereas profit for the chemicals segment stood at Rs 120.7 crore in Q4 FY17 as against Rs 76.68 crore in Q4 FY16.
Overall the segment reported an improvement in the margins due to efficiency of operations and competitive pricing policy.
While the company remains optimistic with respect to promising outlook of fertiliser demand with favourable forecasts of monsoon, the overhang of channel inventories impacted the off take with reduction in realizations because price cuts etc.
Total income of the fertiliser segment dropped from Rs 468.96 crore in Q4 FY 16 to Rs 342.26 crore in Q4 FY 17, whereas segment profit stood at Rs 11.16 crore in Q4 FY 17 as against Rs. 25.91 crore in Q4 FY 16. On year-on-year basis, revenues dropped from Rs 1658.41 crore in FY 16 to Rs 1179.87 crore in FY 17, while segment reported a loss of Rs 8.61 crore in FY 17 as against profit of Rs 35.33 crore in FY 16. Low volumes of the trading business and price cuts largely impacted the performance of the segment.
“We have commissioned state-of-the-art NPK plant which carries potential to produce multiple grades of complex fertilisers and allows the company to specifically cater to hitherto unmet need of the farmers by supplying crop specific requirement of soil nutrition,” DFPCL chairman & managing director Sailesh C Mehta said.
This is published unedited from the PTI feed.