Deepak Fertilisers today reported an over three-fold increase in net profit to Rs 91.44 crore for the fourth quarter ended March 31, 2014, on the back of strong performance by the chemical and agri business. It had clocked a net profit of Rs 29.11 crore in the same period of 2012-13.
Total income of the company during January-March quarter of year 2013-14 jumped to Rs 1,069.59 crore from Rs 659.57 crore during the same period in the year 2012-13, the company said in a statement.
For entire fiscal 2013-14, the company's net profit increased by 66 per cent to Rs 243.88 crore from Rs 146.91 crore in the year 2012-13.
The income from operations rose to Rs 3,816.28 crore in the year 2013-14 from Rs 2,607.95 crore in the year 2012-13. Speaking on the earnings, Deepak Fertilisers President and CFO Somnath Patil said: "There was jump in profits on back of strong performance by the chemicals and agri-business." Patil added that chemicals segment registered a growth of 73 per cent in turnover to Rs 752.70 crore in the fourth quarter of the year 2013-14 from Rs 435.07 in the same period in 2012-13.
Similarly, agri-business registered a growth of 32 per cent in the turnover on quarter-to-quarter basis to Rs 330.98 crore from Rs 249.91 crore, he said. Meanwhile, the company's board has recommended a divided of 65 per cent i.e. Rs 6.50 per share.
Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) is a major producer of technical ammonium nitrate (TAN) and it has significant presence in complex fertilisers and petrochemicals.
Shares of the company today closed higher by 4.39 per cent at Rs 141.50 apiece on BSE Sensex.