Shares of Deepak Nitrite opened lower at Rs 1882.25 against the previous close of Rs 1926.55 on BSE. Shares of Deepak Nitrite opened lower at Rs 1882.25 against the previous close of Rs 1926.55 on BSE. Shares of Deepak Nitrite opened lower at Rs 1882.25 against the previous close of Rs 1926.55 on BSE. Shares of Deepak Nitrite Ltd were in focus today after the chemical intermediates manufacturer reported a double-digit fall in its net profit for the March 2023 quarter. Deepak Nitrite posted a 12.5 per cent year-on-year (YoY) fall in net profit to Rs 233.9 crore in Q4 against a net profit of Rs 267.2 crore in the corresponding quarter last year. Deepak Nitrite stock fell 3.23% to Rs 1864.3 against the previous close of Rs 1926.55 on BSE.
Shares of Deepak Nitrite opened lower at Rs 1882.25 against the previous close of Rs 1926.55 on BSE. Total 0.25 lakh shares of the firm changed hands amounting to a turnover of Rs 4.75 crore on BSE. Market cap of Deepak Nitrite stood at Rs 26, 579 crore on BSE. The multibagger stock has zoomed 280.87% in three years and risen 659% in five years.
In terms of technicals, the relative strength index (RSI) of Deepak Nitrite stands at 60, signaling it’s trading neither in the oversold nor in the overbought zone. Deepak Nitrite stock has a one-year beta of 1, indicating average volatility during the period. Deepak Nitrite shares are trading higher than the 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. On the other hand, shares of Deepak Nitrite lost 2.08% this year and gained 1.34% in a year.
However, revenue from operations climbed 4.75 per cent to Rs 1961.36 crore in Q4 compared to Rs 1872.35 crore in the March 2022 quarter.
According to annual earnings for the fiscal ended March 2023, the firm reported a 20.12% fall in profit to Rs 852 crore against a profit of Rs 1066 crore in the year ago period. Sales zoomed 17.20% to Rs 7972 crore in the last fiscal against Rs 6802 crore for the fiscal ended March 2022. The Board recommended a dividend of Rs 7.50 per equity share for the year ended March 31, 2023, the company said.
YES Securities sees an upside of 23% in the Deepak Nitrite stock to Rs 2,375 post Q4 earnings. The earnings came above estimates, the brokerage said adding that 4QFY23 operating profit at Rs 347 crore (-15% YoY; +11% QoQ), stood above our (YES Rs 300 crore) but in-line with consensus estimates (Rs 340 crore).
“The beat on our estimates stemmed from stronger than estimated margins in phenolics segment. In a departure from trends of sequential weakness visible in regional benchmark phenol-acetone cracks, the EBIT margins in Phenolic business improved QoQ,” said the brokerage.