Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL), one of India’s leading producers of industrial chemicals and fertilisers announces its consolidated results for the quarter ended September 30, 2023.

DFPCL has posted net profit of Rs. 60.13 crores for the period ended September 30, 2023 as against net profit of Rs. 110.03 crores for the period ended June 30, 2023. The company posted net profit of Rs.271.89 crores for the period ended September 30, 2022.

DFPCL has reported total income of Rs. 2443.15 crores during the period ended September 30, 2023 as compared to Rs. 2333.38 crores during the period ended June 30, 2023. The company reported total income Rs.2746.39 crores during the period ended September 30, 2022.

For the Half Year ended September 30, 2023, DFPCL has reported total income of Rs.4776.53 crores as compared to Rs.5788.67 crores during the 6 months period ended September 30, 2022.

The company has posted net profit of Rs.170.16 crores for the 6 months period ended September 30, 2023 as against net profit of Rs.705.78 crores for the 6 months period ended September 30, 2022

Commenting on the performance, Sailesh C. Mehta, Chairman & Managing Director, said: “While the last year comparative base was unusually on higher side, DFPCL performance in Q2FY24 underscores our resilience and adaptability under varied market volatilities and geopolitical challenges.

“Our Mining Chemicals segment demonstrated remarkable growth, achieving record sales volumes despite seasonal slowdowns and pricing pressures from dumping of cheap Russian products as they faced global embargo.

“IPA witnessed strong demand in Q2, although Nitric Acid had subdued demand due to low priced Chinese pharma / agro intermediary oversupplies impacting our downstream sectors.

“CNB also saw good demand driven by innovative product offerings and crop-specific solutions, although fertiliser profitability was significantly impacted on account of reduction in NBS Subsidy.

“The Ammonia plant began commercial production in Q2 and the production has now stabilized. With this facility, we have significantly reduced our dependency on imported ammonia, which will enhance our operational efficiencies and eliminate global price volatility impacts.

“We have also announced the expansion of Nitric Acid plant at Dahej, Gujarat, driven on the growing needs of both the merchant market and the downstream industries.

“Our focus in H2 FY24 remains on navigating through market challenges whilst emphasising on our unique product offerings, industry leadership position and market resilience”