Chemical stocks has been in limelight in the last two months after witnessing price/time correction in the preceding 18 months signalling that worst is behind and risk/reward turning favourable over medium term. Within the Chemical stocks we remain constructive on Deepak Nitrate as it has recently generated a breakout above a falling resistance line joining highs of Oct21 (₹ 3020) and Nov22 (₹ 2356) sustaining above the same post Q4 earnings, providing an entry opportunity from medium term
The stocks has recently rebounded after a shallow retracement and a higher base at the 80% retracement of the Jul-Oct 2022 up move (₹ 1682-2356) and is currently seen forming higher high-low in the monthly time frame highlighting structural turnaround
We expect the stock to maintain positive bias and head towards ₹ 2390 levels in the coming months as it is the price parity with the previous Jul-Oct 2022 up move (₹1682-2356) as projected from the March 2023 low of ₹ 1762
Commodity Chemicals firm Deepak Nitrite announced Q4FY23 results:
Q4FY23:
Revenue: Rs 1,974 crore, up 5% YoY, down 2% QoQ
EBITDA: Rs 361 crore, down 13% YoY, up 10% QoQ
PAT: Rs 234 crore, down 13% YoY, up 12% QoQ
FY23:
Revenue: Rs 8,070 crore, up 17% YoY
EBITDA: Rs 1,337 crore, down 19% YoY
PAT: Rs 852 crore, down 20% YoY
Commenting on the performance for Q4FY23 & FY23, Deepak C. Mehta, Chairman & Managing Director said: “Our company has performed well in the fiscal year 2023, with healthy topline growth driven by stable demand and high plant efficiency. We have strengthened our market position in several product portfolios and achieved production and delivery volume benchmarks. Despite inflationary pressures in some inputs and utilities, we remain committed to sustainable profitability, focused on people, the planet, and profit.
We are extending our product portfolio by introducing new products from our R&D pipeline, confident that our growing footprint across established and new chemistries will sustain our momentum. We have efficiently faced challenges, and fulfilled our supply commitments, ensuring a consistent and steady supply of products to customers. We remain agile, capitalizing on opportunities created through swift shifts in the industry landscape, and excited by our prospects.
Our large-scale investment plans reflect our enthusiasm to capitalize on the opportunities available both in India and worldwide. We continue to diversify our product offering by introducing novel intermediates, broadening our clientele, and improving the overall value proposition. Our robust financial position, deep client relationships, and considered growth investments position us well to elevate our business proposition and consistently enhance value for stakeholders.”
Deepak Nitrite Ltd is within the Chemical sector with a market capitalization of worth Rs. 29,063.30 crores. It is incorporated within the year 1970. It reported the consolidated sales of Rs. 1,526.22 crores in June 2021. The corporate is also listed within the Bombay stock market (BSE) with the code 506401 and within the National stock market (NSE) with the code DEEPAKNTR.
Deepak Nitrite Ltd was founded in March 1970 by Chimanlal Khimchand Mehta. It’s multiple manufacturing plants, out of which two are located within Gujarat, two in Maharashtra, and one is found within Telangana. The company deals with various chemicals alongside Agrochemicals, Colourants, Rubber, Pharmaceuticals, etc. Deepak Nitrite has various subsidiaries like Deepak Phenolics Ltd, Deepak Nitrite Corporation Inc., and Nova Synthetic Ltd. Deepak Nitrite has acquired management and control of Aryan Pesticides Limited. The company has 1897 employees on the payroll as of 31st March '2021. As of an equivalent date, it also has 2820 contractual employees. The company has a strong reputation and is a market leader in several products. This has resulted in consistently improving financial performance. As a result, ICRA has upgraded its long-term credit rating from “ICRA AA-” to “ICRA AA” of Deepak Nitrite. The promoters currently hold 45.69% of the stake within the company, whereas Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII) hold 11.43% and 1.19% of the stake. The balance, 40.88%, is owned by others (32.59% by retail investors and 8.29% in Mutual Funds).
In June 2021, quarterly income was Rs. 527.25 crores, which has increased by approximately 50.47% from Rs. 350.4 crores for the April-June 2020 quarter. The quarterly net income in June 2021 was Rs. 134.92 crores, which has increased by 112.11% to a net income of Rs. 63.61 crores in June 2020. In June 2021, operating profit has reported at Rs. 514.57 crores, which is up by approximately 61.30% from Rs. 319.01 crores for the quarter ending in June 2020. From Rs. 4.66 in June 2020, the EPS of Deepak Nitrite has increased to Rs. 9.89 in June 2021. DEEPAKNTR’s stock closed at Rs. 2135 on 13th August '2021 (NSE) and has returned 81.35% within the last six months and 255.23% within the previous year.
Deepak Nitrite Ltd is within the Chemical sector with a market capitalization of worth Rs. 29,063.30 crores. It is incorporated within the year 1970. It reported the consolidated sales of Rs. 1,526.22 crores in June 2021. The corporate is also listed within the Bombay stock market (BSE) with the code 506401 and within the National stock market (NSE) with the code DEEPAKNTR.
Deepak Nitrite Ltd was founded in March 1970 by Chimanlal Khimchand Mehta. It’s multiple manufacturing plants, out of which two are located within Gujarat, two in Maharashtra, and one is found within Telangana. The company deals with various chemicals alongside Agrochemicals, Colourants, Rubber, Pharmaceuticals, etc. Deepak Nitrite has various subsidiaries like Deepak Phenolics Ltd, Deepak Nitrite Corporation Inc., and Nova Synthetic Ltd. Deepak Nitrite has acquired management and control of Aryan Pesticides Limited. The company has 1897 employees on the payroll as of 31st March '2021. As of an equivalent date, it also has 2820 contractual employees. The company has a strong reputation and is a market leader in several products. This has resulted in consistently improving financial performance. As a result, ICRA has upgraded its long-term credit rating from “ICRA AA-” to “ICRA AA” of Deepak Nitrite. The promoters currently hold 45.69% of the stake within the company, whereas Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII) hold 11.43% and 1.19% of the stake. The balance, 40.88%, is owned by others (32.59% by retail investors and 8.29% in Mutual Funds).
In June 2021, quarterly income was Rs. 527.25 crores, which has increased by approximately 50.47% from Rs. 350.4 crores for the April-June 2020 quarter. The quarterly net income in June 2021 was Rs. 134.92 crores, which has increased by 112.11% to a net income of Rs. 63.61 crores in June 2020. In June 2021, operating profit has reported at Rs. 514.57 crores, which is up by approximately 61.30% from Rs. 319.01 crores for the quarter ending in June 2020. From Rs. 4.66 in June 2020, the EPS of Deepak Nitrite has increased to Rs. 9.89 in June 2021. DEEPAKNTR’s stock closed at Rs. 2135 on 13th August '2021 (NSE) and has returned 81.35% within the last six months and 255.23% within the previous year.
Deepak Nitrite share price as on 17 Aug 2024 is Rs. 2900.8. Over the past 6 months, the Deepak Nitrite share price has increased by 28.54% and in the last one year, it has increased by 41.23%. The 52-week low for Deepak Nitrite share price was Rs. 1921.85 and 52-week high was Rs. 3169.
You can buy Deepak Nitrite Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Deepak Nitrite Ltd Share.
Company share prices and volatile and keep changing according to the market conditions. As of Aug 16, 2024 03:59 PM the closing price of Deepak Nitrite Ltd was Rs.2,900.80.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of Aug 16, 2024 03:59 PM, the market cap of Deepak Nitrite Ltd stood at Rs. 39,564.88 Cr.