Deepak Fertilisers And Petrochemicals Corporation Ltd. (DFPCL) today announced the financial results for the quarter ended March 31st 2011 and for the Financial Year 2010-11. For the quarter ended March 31st 2011, DFPCL has recorded Income from Operations at Rs. 428.48 crore; a 32% rise over the corresponding period last year (Rs. 323.83 crore). For the same period, the company's Profit before Tax rose 24% to Rs. 73.55 crore against Rs. 59.54 crore and Profit after Tax rose 19% to Rs. 52.71 crore against Rs. 44.16 crore in the corresponding period of the previous year.

For the year ended March 31st 2011, the Company posted Income From Operations at Rs. 1564.82 crore, against Rs. 1287.98 crore for FY 2009-10, an increase of 21%. Also for the same period, DFPCL recorded Profit Before Tax at Rs. 261.47 crore in 2010-11 against Rs. 237.78 crore in the previous financial year. Profit After Tax was recorded at Rs. 186.61 this year against Rs. 172.05 crore in the previous year. PAT for the year under review is not comparable with the previous financial year given the exceptional gain of Rs. 25.71 crore (net) arising from sale of surplus land in FY10 as against a exceptional loss of Rs. 3.38 crore arising from the reconstruction at Ishanya.

Segment profitability for the Agri-business grew 96% to Rs. 31.65 crore in 2010-11 from Rs. 16.21 crore in the previous year. Profitability for the Chemicals business grew 21% to Rs. 319.46 crore in 2010-11 against Rs. 264.23 crore in the previous year. Earnings Per Share went up to Rs. 21.16 compared to Rs. 19.51 in the previous year. The Company announced a dividend of 50% for the year under review.

During the year under review, sales for the Chemicals business grew 26% to Rs. 1075.94 crore in 2010-11 against Rs. 852.46 crore in 2009-10. The Chemicals business has contributed to 68.76% of the total income from operations. Sales for the Agri-business grew 20% to Rs. 531.18 crore in 2010-11 against Rs.442.07 crore in 2009-10. The sales of specialty fertilisers grew 33% during the year under review over the previous year.

DFPCL successfully introduced the 24:24:0 grade of its Nitro-Phosphate fertiliser during the second half of the year under review. This is yielding improved realisations and margins and will enhance farmer benefits considerably.

DFPCL successfully produced 29,503 MT of Technical Ammonium Nitrate (TAN) at its new TAN complex at Taloja during the year under review. The product meets global quality standards. The Dilute Nitric Acid (DNA) plant supporting this TAN complex is under stabilization. Capacity utilisation levels at the new plant are expected to be gradually scaled up during 2011-12, to peak in 2012-13.

At the company?s mall, Ishanya, footfalls continued to be robust. The company?s new High Street Ishanya strategy, designed to widen the scope of offerings at the mall, has drawn encouraging response from potential tenants and leading retail brands with an additional space leasing commitment of close to 2,00,000 sq.ft. Ishanya in its new avatar is expected to open to consumers in the course of this year. Brand Ishanya continues to enjoy high recall in Pune despite rising competition.

Commenting on the company?s performance and the sector, Sailesh C. Mehta, Vice Chairman & Managing Director of DFPCL, said, ?The company has witnessed a good year, in terms of production, realizations and profits. We have recorded higher profits this year primarily on account of an increase in the sale of own manufactured products and better realizations on key products. The new NBS policy has gone down well for the industry as a whole. Our agri-business has posted improved profitability on the back of higher production and the NBS policy.?

Speaking about the Company?s strategy for the year going forward, Mehta said, ?The company is poised to consolidate its TAN business and looking at taking its first steps in the global market. We will also work on maximizing capacity utilization in the forthcoming year, further enhance operational efficiencies and improve raw material management.?