Deepak Fert's net dips 9% to Rs. 15 cr

(Article first published in The Economic Times, 23^rd October 2005)

Net profit for the quarter ended September 30, '05, for Deepak Fertilisers and Petrochemicals (DFPCL) fell to Rs. 14.5 crore (Rs. 16 crore) on sales of Rs. 120.2 crore (Rs. 115.7 crore).

In the first six months of the fiscal, DFPCL's net profit rose to Rs. 37.1 crore (Rs. 29.2 crore) on sales of Rs. 271.6 crore (Rs. 239.3 crore). In the second quarter, DFPCL's interest costs were Rs. 1.3 crore (Rs. 1.7 crore), depreciation Rs. 7.9 crore (Rs. 7.6 crore), extraordinary item Rs. 16 lakh (Rs. 4.5 crore), provision for current tax Rs. 5.9 crore (Rs. 9.3 crore), deferred tax Rs.17 lakh (Rs. 1.4 crore) and fringe benefit tax Rs. 20 lakh (nil). The company has noted that some of its stocks, equipment and machinery at Taloja, near Mumbai, were affected in the unprecedented rains in Mumbai in July '05. The insurance claim for the damaged stocks has been settled while claims pertaining to damaged equipment and machinery are under process. DFPCL has announced the setting up of a greenfield nitric acid and ammonium nitrate plant in eastern India. The Rs. 400 cror, 3 lakh tonne per annum (tpa) project will primarily focus on the needs of the mining and construction sectors which use ammonium nitrate in the domestic and global markets.

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