Deepak Nitrite has surged 8% to Rs 352, extending its 6.5% rally in past two trading sessions on BSE, after reporting a strong operational performance for the third quarter ended December 31, 2013 (Q3FY14).
The stock opened at Rs 330 and touched a record high of Rs 355 on the BSE. A combined around 11,000 shares have changed hands on the counter so far on the BSE and NSE.
The company’s EBITDA or operating profit for Q3FY14 of Rs 31 crore is higher by 74% compared to EBITDA of Rs 18 crore in Q3FY13.
The impact of Dahej facility which is currently operating at sub-optimal utilisation is only temporary and the established business has delivered improved operating performance. EBITDA contribution from the established products has delivered sustained growth during the quarter, Deepak Nitrite said in a press release.
Net profit of the company increased 51.7% year-on-year (yoy) to Rs 11.34 crore against Rs 7.48 crore in the corresponding quarter of previous fiscal. Net sales grew 7.3% at Rs 338 crore on yoy basis.
Going forward, the company expects to ramp up the FWA (fluorescent and whitening Agents) business to optimum utilizations levels over the next 3 years at which time it will meaningfully contribute to both revenues and profitability.
The stock opened at Rs 330 and touched a record high of Rs 355 on the BSE. A combined around 11,000 shares have changed hands on the counter so far on the BSE and NSE.
The company’s EBITDA or operating profit for Q3FY14 of Rs 31 crore is higher by 74% compared to EBITDA of Rs 18 crore in Q3FY13.
The impact of Dahej facility which is currently operating at sub-optimal utilisation is only temporary and the established business has delivered improved operating performance. EBITDA contribution from the established products has delivered sustained growth during the quarter, Deepak Nitrite said in a press release.
Net profit of the company increased 51.7% year-on-year (yoy) to Rs 11.34 crore against Rs 7.48 crore in the corresponding quarter of previous fiscal. Net sales grew 7.3% at Rs 338 crore on yoy basis.
Going forward, the company expects to ramp up the FWA (fluorescent and whitening Agents) business to optimum utilizations levels over the next 3 years at which time it will meaningfully contribute to both revenues and profitability.