Deepak Fertilisers – Q1 net profit doubles

The Q1FY2009 net profit of Deepak Fertilisers & Petrochemicals Corporation Ltd (DFPCL) stood at Rs44.9 crore, almost double compared with Rs22.6 crore for the corresponding quarter of the last year.

The net sales increased by 49.1% year on year (yoy) to Rs327.6 crore in Q1FY2009 on the back of a robust growth in both the chemical and the fertiliser segments due to the availability of additional gas during the quarter. DFPCL’s operating profit during the quarter grew by 64.5% yoy to Rs63.6 crore with the operating profit margin (OPM) increasing by 180 basis points to 19.4%.

Chemical segment: The revenues from the chemical segment increased by 52.1% yoy to Rs231.3 crore as compared with Rs152.0 crore in the corresponding quarter of the last year. The robust growth in the revenues during the quarter was achieved on the back of improved capacity utilisation.

Fertiliser segment: The revenues from the fertiliser segment were up by 44.1% yoy to Rs98.9 crore from Rs68.6 crore in Q1FY2008 due to an increase in the manufacturing activity.

Realty segment: The company’s specialty mall for interiors and exteriors, Ishanya Mall, registered revenues of Rs3.1 crore during the quarter.

The company is expected to report an EPS of Rs 13.5 and Rs 17.7 for FY09 and Fy10 respectively.