Deepak Nitrite surged 6.85% to Rs 1259.30, extending gains for second day.
The stock has added 13.44% in two sessions, from its recent closing low of Rs 1,110.10 on 12 February 2021.
The scrip surged 7.68% to hit the day's high at Rs 1269.10 in intraday today, which is also a record-high for the counter.
The recent demand was triggered by the company reporting strong Q3 earnigns after market hours on Friday, 12 February 2021.
Deepak Nitrite (DNL) reported 38.2% rise in consolidated net profit to Rs 216.56 crore on 10.3% rise in revenue from operations to Rs 1234.69 crore in Q3 FY21 over Q3 FY20.
Improvement in revenues was led by robust Y-o-Y improvement in the phenolics business aided by incremental contribution from Isopropyl Alcohol (IPA) products. Profit before tax grew by 37.7% to Rs 290.3 crore in Q3 FY21 over Q3 FY20. Current tax expense spiked 25.5% to Rs 63.64 crore in Q3 FY21 over Q3 FY20.
EBITDA stood at Rs 340 crore in Q3 FY21, up 25% over Q3 FY20. EBITDA margin grew by 330 basis points to 27.4% in Q3 FY21 over Q3 FY20.
Margin accretion has been driven by the increased volumes and higher efficiency in plant operations of the phenolics business supported by better sourcing, logistics and marketing for the wider product basket including IPA, which commenced in Q1 of the current fiscal.
DNL is one of the leading supplier 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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