By Pravin PrashantChemical, July 31, 2020
Deepak Fertilisers earnings, profit on a record high, PAT rises by 1032%
Company's profit jumped to Rs 121 crore in Q1 FY21.
Deepak Fertilisers and Petrochemicals Corporation Ltd reported a huge jump in its second quarter sales and profits despite the COVID-19 pandemic.
The company's revenue grew by 23.16% YoY and stood at Rs 1,382 crore from Rs 1,122.2 crore in Q1 FY20.
Consolidated net profit stood at Rs 121.14 crore which rose by 1032.15%, as compared to Rs 10.7 crore in the same quarter last year. The net profit margin in Q1FY21 came in at 8.77% which rose 7.82% YoY. The net profit margin for Q1FY20 was at 0.95%.
EBITDA rose by 246% and stood at Rs 272.21 crore in the first quarter as against Rs 78.57 crore in Q1 FY20.
The company sees growing demand for fertiliser and IPA business despite the outbreak of Coronavirus pandemic. A strong retrieving monsoon and higher water reservoir level demand recovery has been experienced during the second half of the FY2020 for Fertiliser Business. Even as the market remained subdued, the company remained focused on demand generation.