Revenue from operations declined 10.85% year on year (YoY) to Rs 2,424.16 crore in the quarter ended 30 September 2023.
Consolidated profit before tax stood at Rs 422.02 crore in Q2 FY23, sliding 72.33% from Rs 116.77 crore posted in corresponding quarter last year.
Operating EBITDA de-grew 42.22% YoY to Rs 286 crore while EBITDA margin slipped to 11.8% in Q2 FY24 from 18.2% in Q2 FY23.
On segmental front, revenue from Fertilizers segment's rose 5.76% YoY to Rs 1,248.83 crore while Chemicals segment revenue de-grew 23.65% YoY to Rs 1,170.28 crore and realty business reported a 36.56% decrease at Rs 3.61 crore in the period under review.
Sailesh C. Mehta, Chairman & Managing Director commented, “While the last year comparative base was unusually on higher side, DFPCL performance in Q2FY24 underscores our resilience and adaptability under varied market volatilities and geopolitical challenges. Our Mining Chemicals segment demonstrated remarkable growth, achieving record sales volumes despite seasonal slowdowns and pricing pressures from dumping of cheap Russian products as they faced global embargo.
IPA witnessed strong demand in Q2, although Nitric Acid had subdued demand due to low priced Chinese pharma / agro intermediary oversupplies impacting our downstream sectors. CNB also saw good demand driven by innovative product offerings and crop-specific solutions, although fertiliser profitability was significantly impacted on account of reduction in NBS Subsidy.”
The net debt stood at Rs 2,672 crore as of 30 September 2023.
Deepak Fertilisers and Petrochemicals Corporation is a manufacturer of fertilizers and chemicals.