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Deepak Fertilisers and Petrochemicals announces 4Q15 results

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Hydrocarbon Engineering,

Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) has announced its financial results for the quarter and year ended 31 March 2015 (FY15). The company announced a dividend of 40%.

The total income of the company dropped from Rs.1063.75 crores in 4Q14 to Rs.930.95 crores in 4Q15. Profit before tax dropped to Rs.37.94 crores in 4Q15 from Rs.122.59 crores in 4Q14 and profit after tax stood at Rs.27.23 crores in 4Q15 as against Rs.91.43 crores in 4Q14.

On an annual basis, total income dropped to Rs.3,711.77 crores from Rs.3,810.44 crores earned in the previous year, while profit before tax dropped to Rs.108.22 crores from Rs.336.39 crores. Consequently, the profit after tax dropped to Rs.78.35 crores from Rs.243.88 crores.

Though performance for the quarter, as well as for the year, was affected by the stoppage of domestic gas supply, leading to the shut down of the fertiliser plant, the current quarter witnessed improved performance in technical ammonium nitrate and nitric acid on the back of higher demand for these products with improved margins.

The chemicals segment registered a marginal drop in revenue at Rs.719.22 crores in 4Q15 from Rs.751.11 crores in 4Q14, mainly due to absence of methanol in the product basket. On a year on year basis, technical ammonium nitrate (solid) and nitric acids registered growth of 17% and 25% respectively during the quarter. Profit for the chemicals segment stood at Rs.84.73 crores in 4Q15 as against Rs.155.50 cores in 4Q14. However, this is significantly better than Rs.44.65 crores earned during 3Q15. The sector also increased its trading activity during the year, which registered a growth of 14%, from Rs.147.89 crores in FY14 to Rs.169.20 crores in FY15. Better capacity utilisation, operational excellence and stability of the mining sector contributed to improved profitability.

Adapted from press release by Rosalie Starling

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