Deepak Fertilisers Q2 profit dips 4.8% at Rs 26.96 cr

18/11/2016 12:39

Industrial chemicals manufacturer Deepak Fertilisers & Petrochemicals Corporation Ltd has reported a decline of 4.8 per cent in its standalone net profit after taxes (PAT) at Rs 26.96 crore for the second quarter ended September 30, 2016.

The standalone net profit of the company stood at Rs 28.31 crore during the same period a year ago, Deepak Fertilisers & Petrochemicals Corporation Ltd said in a filing to the Bombay Stock Exchange.

Its standalone total income, too, fell by 14.3 per cent at Rs 938.21 crore during Q2 2016-17, as compared to Rs 1,095.03 crore during the same period previous fiscal.

The company said in a statement that, it witnessed marginal growth in chemical business, however, recorded subdued performance in fertilisers because of higher carryover stocks in the country and comparatively lower volumes in Ammonium Nitrate due to seasonal slowdown with delayed and extended monsoons.

The combined negative impact in the fertiliser sector emerging out of the delayed monsoons, inventory build-up from the earlier quarter and sudden price cuts impacted the quarterly performance, it said.

Meanwhile, shares of the company were trading at Rs 185.30 apiece, down 6.91 per cent, from previous close on BSE at 12:43 hours.

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