Deepak Fertilisers And Petrochemicals Corp. Ltd. (DFPCL) Profits Up

Growth foray into Chemicals, Cogen Power and Services

DFPCL's profit after tax for the third quarter of the current year has gone up by 5.3% as compared to that of the previous year. While dip in fertilisers business and chemical trading volume brought the net sales figure lower at Rs. 121 crore as against Rs. 128 crore for the corresponding period of previous year, the company had been able to improve profit after tax to Rs. 15.72 crore from Rs.14.93 crore.

For the nine months ended December 31, 2003 DFPCL has posted net sales of Rs.337 crore as against Rs. 387 crore for the corresponding period of the previous year. The profit after tax has increased from Rs. 34.23 crore to Rs.40.02 crore, an increase of 17 %.

The nine months working suffered due to a 20% reduction in supply of key raw material - natural gas, in comparison to the corresponding period of the previous year. It is expected that large gas finds in KG basin and LNG imports will improve availability of gas in future to enable the plant operations at optimum capacity levels.

The company has kick-started its growth foray with emphasis on the Chemicals and Cogen power sector. Work is fast progressing on setting up of 70,000 mtpa IPA plant with technology from Lyondel-Equistar, a US $ 12.7 billion group to be commissioned in the next 22 months.

The company has placed key orders for the Cogen power project which is also coming up at Taloja.

The Company is also planning to build Rs. 100 crore Global Speciality Mall named 'Urban Spaces' in Pune which will mark the Company's entry into the services sector. The mall is spread over a five lakh square feet in a 10 acre area and will offer to the Indian consumers for the first time, a range of national and international service brands to cater to every kind of urban space be it offices, homes, restaurants, malls or multiplexes.

For further information contact:
Vivek Y. Kelkar
Vice President - Communication
Tel: 91-20-2668 4155
Fax: 91-20-2668 5994
E-mail: vykelkar@deepakfertilisers.com

Click here to view the Third Quarter Result