Deepak Nitrite fell 1.07% to Rs 1,756.25 after the specialty chemical maker's consolidated net profit declined 13.8% to Rs 209.05 crore despite of a 15.6% rise in revenue from operations to Rs 1,991.06 crore in Q3 FY23 over Q3 FY22.
Consolidated profit before tax was at Rs 281.02 crore in Q3 FY23, down 13.6% from Rs 325.33 crore recorded in the corresponding quarter previous year.
Total expenses spiked 21.14% year on year (YoY) to Rs 1,723.40 crore in Q3 FY23. Cost of materials consumed was at Rs 1,268.08 crore (up 19.36% YoY) and employee expenses stood at Rs 81.06 crore (up 23.81% YoY).
During the quarter, the company's revenue from phenolics business rose 13.97% YoY to Rs 1,181.60 crore and advanced intermediates segment revenue grew 18.66% YoY to Rs 817.77 crore.
Deepak Nitrite is one of the leading suppliers of chemical intermediates. It has a diversified portfolio of intermediates that cater to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments in India and overseas.
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