Deepak Fertilisers and Petrochemicals Corporation (DFPCL) today posted a 70 per cent growth in profit after tax (PAT) a consolidated basis at Rs 47.21 crore in the second quarter of this financial year, compared to the same period last year.
DFPCL's PAT for second quarter of FY17 stood at 27.78 crore, the company said in a release issued here.
The total income of the company grew by 27 per cent at Rs 1,233.93 crore in Q2 FY18 from Rs 968.44 crore in Q2 FY17.
Sailesh C Mehta, Chairman & Managing Director DFPCL said, "Q2 has been reassuring from the perspective of improved performance from each of our businesses, in terms of volumes as well as margins.
"India and the US will soon intensify the work on development of shale gas in coastal India and is also renegotiating LNG prices with worlds largest energy suppliers, which would help in softening of LNG and Natural Gas prices, further benefiting us, since they are its key raw materials," Mehta said.
The Indian pharma industry, which is slated to grow at 15 per cent against global growth of 5 per cent, will boost the solvents consumption, especially IPA, where DFPCL enjoys the highest market share and have already announced its expansion plans for increasing the production of IPA to cater to the growing demand, he said.
Further, he said, with the rapidly approaching rabi season and thrust on infrastructure projects, the company is expected to continue this reasonably positive trend in the forthcoming quarters.
"We have successfully tied up debt financing for our Rs 575 crore for the Dahej Nitric Acid plant, which is scheduled to be commissioned in the second half of FY19," he added.
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