Deepak Nitrite's consolidated net profit declined 22.5% to Rs 234.62 crore despite of a 34.8% rise in net sales to Rs 2,057.99 crore in Q1 FY23 over Q1 FY22.
Profit before tax slipped 22.2% to Rs 315.12 crore in Q1 FY23 from Rs 405.25 crore registered in Q1 FY22. Profitability was dented after total expenses surged by 58.4% year on year to Rs 1,702.01 crore in the quarter ended 30 June 2022.Cost of raw materials soared 56.5% to Rs 1,432.92 crore while employee benefits expenses rose 17.7% to Rs 81.22 crore in Q1 FY23 over Q1 FY22.
The company's revenue from phenolics business rose 33.61% to Rs 1,334.9 crore and advanced intermediates segment revenue rose 38.45% to Rs 729.98 crore in Q1 FY23 over Q1 FY22.
Meanwhile, the board of directors on 2 August 2022 approved the appointment of Sanjay Upadhyay as director (finance) & group chief financial officer with effect from 3 August 2022 from chief financial officer of the company.
The board also approved appointment of Somsekhar Nanda as the chief financial officer of the company with effect from 3 August 2022.
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.
Shares of Deepak Nitrite were down 0.20% to Rs 1,947.25 on the BSE.
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