Deepak Fertilisers’ June-quarter profit more than doubles as chemicals margins expand
AI Market Summary
Deepak Fertilisers reported strong FY24 Q1 results, with revenue up 22.5% and EBITDA up 65% as chemical realisations lifted margins despite TAN volume disruptions and geopolitical supply volatility. Project progress at Gopalpur TAN and Dahej nitric acid remains near completion, supporting medium-term capacity and leverage. However, the stock fell post-results, suggesting positioning and near-term uncertainty around subsidies and seasonal demand.
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Deepak Fertilisers (ONUS) reported FY2024 Q1 revenue of ₹3,256.3 crore, up 22.5% year on year, while EBITDA rose 65% to ₹845.5 crore and the EBITDA margin widened to 25.96%. Technical-grade ammonium nitrate volumes fell 12% from a year earlier, but manufactured NPK fertiliser sales increased 4% year on year and 11% sequentially to 133 KT. The company said its two ongoing expansion projects—the Gopalpur TAN plant and the Dahej nitric acid plant—are 96% and 93% complete, respectively.
