Deepak Fertilisers posts 11.43% rise in net profit to Rs441.6m

25 May 2010 17:21  [Source: ICIS news]

MUMBAI (ICIS news)--India’s Deepak Fertilisers has posted an 11.4% year on year increase in its fourth quarter net profit to Indian rupees (Rs) 441.6m ($9.4m, €7.6m), on better capacity utilization and improved availability of feedstock, the company said on Tuesday.

Net profit for the financial year of 2009-10 rose 15.7% year-on-year to Rs1.72bn, it said in a statement to the Bombay Stock Exchange.

Sales in Deepak’s agri-business in the fiscal year of 2009-2010 dropped 23.3% year on year to Rs4.42bn, while sales in the chemicals segment rose marginally to Rs8.52bn compared with Rs8.27bn recorded in the 12 month accounting period of 2008-2009.

Looking ahead, the company planned to begin operations at its new 300,000 tonnes/year technical ammonium nitrate (TAN) plant at Taloja in India's Maharashtra state in September. 

“With this plant coming on stream, the company will be the fifth largest manufacturer of this product in the world and will derive considerable advantages from the higher scale,” Deepak said in a statement.

Deepak Fertilisers also announced that it has signed ammonia contracts for the project with a leading supplier from the Middle East. Supplies would begin once the plant became operational, it added.

($1 = Rs46.9, €1 = Rs58.2)

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By: Priya Jestin

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