Deepak Fertilisers Q3 profit rises 40 pc to Rs 252 crore

Deepak Fertilisers and Petrochemicals Corporation (DFPCL) on Thursday reported a 39.67 per cent growth in consolidated profit after tax at Rs 252.26 crore during the quarter ended December 2022.

The company's PAT (profit after tax) stood at Rs 180.61 crore during the corresponding quarter of the previous financial year, DFCL said in a regulatory filing.

Revenue from operations of the company witnessed a growth of 40.85 per cent during the quarter under review at Rs 2,754.76 crore compared to Rs 1,955.70 crore in the same period of 2021-22.

''This is our best ever quarter three performance despite having to weather the headwinds such as unfavourable raw material pricing and difficult global economic conditions,'' DFPCL Chairman and Managing Director Sailesh C Mehta said.

The company's ammonia greenfield plant is on track, and DFPCL expects that it will be operational by the first quarter of FY24, he said.

The project has already been granted ultra-mega project status by the Maharashtra government, he stated.

''Through bilateral negotiations with gas aggregators, we have tied up around 40 per cent of gas needs for the upcoming ammonia project, which is brent-linked and at an attractive discount to spot. In addition to this, we are in an advanced stage of discussion with gas aggregators and also targeting purchase of domestic gas through auction route,'' Mehta added.

Company's shares on Thursday closed at Rs 655.15, up 3.98 per cent, on the BSE.

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