Paradeep Phosphates tumbled 5.88% to Rs 73.66 after the company's consolidated net profit declined 39.6% to Rs 108.92 crore in Q3 FY24 as compared with Rs 180.33 crore in Q3 FY23.
Revenue from operations slipped 41% year on year (YoY) to Rs 2,595.03 crore in the quarter ended 31 December 2023.Profit before tax stood at Rs 153.51 crore in Q3 FY24, down 36.66% from Rs 242.37 crore posted in same quarter last year.
Total expense dropped 41.12% to Rs 2,450.16 crore in Q3 FY24 over Q3 FY23. Cost of material consumed was at Rs 1,611 crore (down 52.17% YoY) while employee benefit expense stood at Rs 55.86 crore (down 3.08% YoY), finance cost was at Rs 82.46 crore (down 5.6% YoY).
On nine-month basis, the companys consolidated net profit tanked 73.35% to Rs 78.41 crore on 3.57% decrease in revenue from operations to Rs 9,332.38 crore in 9M FY24 over 9M FY23.
Paradeep Phosphates is primarily engaged in the manufacture of Urea, Di-Ammonium Phosphate (DAP), Complex Fertilizers of NPK grades, and Zypmite (Gypsum based product) having its manufacturing facilities at the port town of Paradeep, District Jagatsinghpur, Odisha and at Zuari Nagar, Goa. The Company is also involved in trading of fertilizers, ammonia, neutralized phospo gypsum, micronutrient and other materials. The Company caters to the demands of farmers all over the country through its Navratna brand of fertilizers.
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