Q2FY23 Quarterly Result Announced for Deepak Fertilisers & Petrochemicals Corporation Ltd.
Deepak Fertilisers & Petrochemicals Corporation announced Q2FY23 results: Q2FY23 & H1FY23: H1 chemicals segment contributed ~86% of total segment profits. Chemicals revenues grew by 74% YoY and margins expanded from 17% (H1FY22) to 35% (H1FY23) H1 fertilisers segment revenues grew by 36% YoY with segment margins of 8%. The cost of production inevitably grew due to the sharp rise in the price of raw materials. Adverse movement of key RM Prices in H1 (Ammonia Up ~89% YoY; Phos Acid Up ~89% YoY; RGP Up ~30% YoY; Gas Up 107%) ADB grants $30 Mn debt assistance and $0.5 Mn Technical Grant for farm efficiency initiatives; 1st tranche of disbursement of $15 Mn completed. Commenting on the performance, Mr. Sailesh C. Mehta, Chairman & Managing Director: “We are happy to share that the Q2 and H1 results have validated: Despite huge RM price hikes, our pass-through remains healthy. Our strong alignment with India's growth story provides positive tailwinds to demand growth for our products. Our drive from commodity to speciality continues to support premium margins and brand consolidation in the mining chemicals, pharma chemicals and crop nutrition businesses. The unique ADB association has been a very satisfying acknowledgement of the efforts and impact we have been making with providing speciality and crop-specific performance fertilisers and our intense work at the farmer level. Our drive for fast-track project execution for the Ammonia and TAN projects continues in full swing” Result PDF10-11-2022