Deepak Nitrite Ltd - 506401 - Announcement under Regulation 30 (LODR)-Change in Directorate
Outcome of Board Meeting - Change in Directorate03-05-2019
03-05-2019
Deepak Nitrite Ltd - 506401 - Announcement under Regulation 30 (LODR)-Dividend Updates
Pursuant to the requirement of Regulation 30 read with Schedule III of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 this is to inform you that the Board of Directors of the Company at their Meeting held today i.e. 3rd May, 2019, has recommended, subject to the approval of shareholders, payment of Dividend of Rs. 2/- (Rupees Two only) per Equity Share of Rs. 2/- (Rupees Two only) each for the year ended 31st March, 2019. The dividend, if approved by shareholder at the ensuing Annual General Meeting (AGM), will be paid within 30 days from the date of AGM. The Board Meeting commenced at 11:30 A.M. and concluded at 6:00 P.M.03-05-2019
Deepak Nitrite Ltd - 506401 - Audited Financial Result For The Year Ended 31.3.2019.
This is to inform you that the Board of Directors of the Company at their Meeting held today, i.e. 3rd May, 2019, have inter alia approved Audited Standalone and Consolidated Financial Results of the Company for the Financial year ended 31st March, 2019. In this regard, we enclose herewith Audited Standalone and Consolidated Financial Results of the Company for the year ended 31st March, 2019, along with the Auditor's Report on the Standalone and Consolidated Financial Results, issued by the M/s. Deloitte Haskins & Sells LLP, Chartered Accountants, Statutory Auditors of the Company. Further, please note that the Statutory Auditors have issued the Audit Report with unmodified opinion in respect of Annual Audited standalone and Consolidated Financial Results for the Financial Year ended 31st March, 2019. The Board Meeting of the Company commenced at 11:30 A.M. and concluded at 6:00 PM.03-05-2019
Deepak Nitrite Ltd - 506401 - Format of Initial Disclosure to be made by an entity identified as a Large Corporate
Format of Initial Disclosure to be made by an entity identified as a Large Corporate. Sr. No. Particulars Details 1Name of CompayDEEPAK NITRITE LTD.-$ 2CININE288B01029 3 Outstanding borrowing of company as on 31st March / 31st December, as applicable (in Rs cr) 3276100000 4Highest Credit Rating during the previous FY A+ 4aName of the Credit Rating Agency issuing the Credit Rating mentioned in (4)ICRA LIMITED 5Name of Stock Exchange# in which the fine shall be paid, in case of shortfall in the required borrowing under the frameworkBSE We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. No Name of the Company Secretary: Arvind Bajpai Designation: Company Secretary EmailId: [email protected] Name of the Chief Financial Officer: Sanjay Upadhyay Designation: Director- Finance & Chief Financial Officer EmailId: [email protected] Date: 29/04/2019 Note: In terms para of 3.2(ii) of the circular, beginning F.Y 2022, in the event of shortfall in the mandatory borrowing through debt securities, a fine of 0.2% of the shortfall shall be levied by Stock Exchanges at the end of the two-year block period. Therefore, an entity identified as LC shall provide, in its initial disclosure for a financial year, the name of Stock Exchange to which it would pay the fine in case of shortfall in the mandatory borrowing through debt markets.29-04-2019
Deepak Nitrite: On a weaker wicket, compared to its peer group
By Suhani Adilabadkar The Indian chemical industry is the seventh largest in the world, growing at 10% annually and\ expected to touch $300 bn in the next five years. Strict Chinese environmental norms have been a boon for Indian chemical space resulting in a bull-run since 2016. Market Leader Godrej Industries and Tata Chemical’s stock price has doubled whereas niche players such as Vinati Organics and Aarti Industries have more than quadrupled over the past two years. Deepak Nitrite (DNL), which is in 21 stock screeners, has been another important player of Indian Chemical industry and has been on stock market radar for its strong expansionary growth plans especially after robust December numbers. The company had run up to 300 levels last year from lows of Rs. 60 in 2016. The company's results are due in May 3, and it is part of the upcoming results screener that tracks stocks that delivered strong profit growth in the previous quarter. Quick Takes Deepak Nitrite evolved from being a Sodium Nitrite & Sodium Nitrate producer to one of the largest chemical intermediate manufacturers in India. Exports contribute 35% to total turnover with Europe as its largest export contributor of about 46% to total revenue basket. Deepak Nitrite promoted Deepak Phenolics in 2015 to leverage on the rising Phenol & Acetone demand in India. DNL would be able to cater to 60% of Phenol and Acetone demand in domestic market. Vinati Organics leads the pack with an operating margin of 28% followed by Aarti Industries at 18% whereas DNL lags at just 14% in FY18. Deepak Nitrite – Robust & Diversified Profile Deepak Nitrite began its journey as Sodium Nitrite and Sodium Nitrate manufacturer in Vadodara in 1972 after being listed on BSE a year before. Currently, one of the largest chemical intermediate manufacturers in India, DNL operates through its plants at Nandesari and Dahej in Gujarat, Roha and Taloja in Maharashtra, and at Hyderabad, Telangana. The product profile has matured over the years comprising Basic Chemicals (BC), Fine and Speciality Chemicals (FSC) and Performance Products (PP) catering to more than 1000 customers across 30 countries and 6 continents. Half of the revenue basket is filled by Basic Chemicals which are bulk chemicals and commodities as per standard specifications. These moderate margin, high volume products can be further classified as organic chemicals such as Nitro Toluene, Ortho Toluene etc and Inorganic Chemicals such as Sodium Nitrites & Sodium Nitrates where DNL is the leading domestic manufacturer. In layman’s language, the Basic Chemicals segment makes intermediates for dyes and pigments, rubber, fuel additives, pharmaceutical, agrochemicals and explosives. Next revenue portion of about 30% comes from Fine and Speciality Chemicals which includes niche products and products customized as per customer specifications catering to agrochemicals, pharmaceuticals, pigments and personal care. Moving on to Performance Products segment, DNL is the only fully integrated manufacturer of Optical Brighteners (OBAs) catering to 75% of domestic demand and has expanded its footprint internationally constituting one fifth of the total revenue basket. Exports contribute 35% to total turnover with Europe as its largest export contributor of about 46% followed by Asia putting in 30% and U.S comes third at 16%. Expansionary Growth Plans Deepak Nitrite promoted Deepak Phenolics in 2015 to leverage on the rising Phenol & Acetone demand in India. Phenol is utilized in laminates, paints, automotive lining, adhesives and pesticides growing at CAGR of 10% - 12%. Acetone, by-product of Phenol is used by the healthcare, paints, acrylic and inks segments and is expected to grow at 6% CAGR. DNL aims to capture this market providing a local solution in a completely import dominated market. With an outlay of Rs. 1400 cr, Deepak Nitrite has set up state-of-the-art plant to manufacture 200,000 MTPA of Phenol and 120,000 MTPA of Acetone at Dahej in Gujarat. This Greenfield Plant of Phenol & Acetone commenced commercial production in November 2018 achieving capacity utilization of above 80% during Q3 FY19. Through this, DNL would be able to cater to 60% of Phenol and Acetone demand in domestic market, as a result Phenol prices crashed in November last year. Strong Peer Group Commercialization of Phenol and Acetone plant has already been priced in by the market as stock price has risen by 10% since early November 2018. This seems to be low with respect to the market opportunity captured by the company. Relatively, peers like Aarti Industries and Vinati Organics have jumped 20% and 15% respectively during the same time frame. Deepak Nitrate after 50 years of existence lags younger lot of companies such as Vinati Organics and Aarti Industries which came in around 1985 both in market cap and profitability. DNL derived its growth platform in 2015 through Phenol and Acetone domestic demand opportunity whereas its strong peer group has been spear heading its growth trajectory right from inception. Differentiation also lies in the superior product profile which supports their growth. Vinati is the world’s largest producer of Isobutyl Benzene (IBB) and 2-Acrylamido 2 Methylpropane Sulfonic Acid (ATBS) with global market share of 60% and 40% respectively whereas Aarti Industries is the largest benzene derivatives producer in the country with global market share ranging between 25-40%. Tata Chemicals, the industry runner up, is the third largest global soda ash manufacturer has also returned to profitability boosting strong operating ratio of 21% in FY18. Vinati Organics leads the pack with operating margin of 28% followed by Aarti Industries at 18% whereas DNL lags at just 14% in FY18. Coming to domestic phenol market, DNL is not the lone player, SI group and Hindustan Organics have a combined market share of 25-30% and imports still fulfil 10-15% demand. Thus, DNL’s long term bet on CAGR of 10% for phenol demand has not enthused long term investors. Though fundamentals seem to be intact, DNL is on a weaker wicket when it comes to long term growth prospects especially relatively to its strong peer group.23-04-2019
DEEPAK NITRITE LTD.-$ - 506401 - Shareholding for the Period Ended March 31, 2019
Deepak Nitrite Ltd has submitted to BSE the Shareholding Pattern for the Period Ended March 31, 2019. For more details, kindly Click here16-04-2019
DEEPAK NITRITE LTD.-$ - 506401 - Compliances- Certificate Pursuant To Regulation 40(9) Of SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015
We have pleasure to enclose herewith a Certificate required under Regulation 40(9) SEBI (Listing obligation and Disclosure Requirements) Regulations, 2015 for the half year ended 31st March, 2019, issued by Mr. Niraj Trivedi, Practicing Company Secretary.15-04-2019
Deepak Nitrite Ltd - 506401 - Statement Of Investor Complaints For The Quarter Ended March 2019
No.of Investor complaints pending at the beginning of the quarter No.of Investor complaints received during the quarter No.of Investor complaints disposed of during the quarter No.of Investor complaints unresolved at the end of the quarter 0220 Name of the Signatory :- Arvind BajpaiDesignation :- Company Secretary and Compliance Officer11-04-2019
Deepak Nitrite Ltd - 506401 - Publication Of Notice For Meeting Of Board Of Directors
Pursuant to Regulation 47(1)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have pleasure to furnish herewith notices regarding Meeting of Board of Directors, published in Financial Express - Gujarati and The Indian Express - English, Gujarat edition on Thursday, 4th April, 2019. The said notices have also been uploaded on the website of the Company. Kindly take the same on your record.04-04-2019