Deepak Nitrite PAT down 17% for H1FY14

Deepak Nitrite Ltd’s revenues expanded 26.5% from Rs 249 crore in Q2FY13 to Rs 315 crore in Q2FY14. Its PAT of Rs 7.48 crore for Q2FY14 is higher by 4.3% when compared to Rs 7.17 crore in Q2FY13. For the first half of the year, Deepak Nitrite has reported 26% rise in its revenues to Rs 576 crore compared to Rs 457 crores in H1FY13. But Deepak Nitrite’s PAT for H1FY14 of Rs 11.12 crore was down by 17% compared to Rs 13.47 crore (excluding exceptional item of Rs 5.80 crore, net of tax) in H1FY13.
  
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Deepak C Mehta, Vice Chairman & Managing Director, commented, “FY14 continues to be an exciting year for Deepak Nitrite. Our business is firing on all cylinders propelling us to our best ever H1 performance of Rs 576 crore in revenues. The organic chemicals segment has been a standout performer for the half year and has been ably supported by the other segments. We have also seen higher contribution from the domestic markets in the first half which have led to the strong revenue growth. That said, revenues from exports have also been healthy with a year-on-year expansion of 12%.”
 
He added, “The Fluorescent Whitening Agents (FWA) business at our Dahej facility is in the initial stages. We will cater to domestic and international markets and are working on gradually scaling up revenues by establishing long-term supply arrangements for customers. With strong momentum in existing business lines and a healthy outlook for new businesses, we are confident of delivering sustained growth in the second half of FY14.”