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Deepak Nitrite Demonstrates Strong Topline Performance with 35% Y-o-Y Growth
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Editor's Synopsis:

Q1 FY2023 (Consolidated):

  • Revenue at Rs. 2,068 crore, up by 35% Y-o-Y
  • Topline growth achieved despite the loss of production at Nandesari unit, inflation in RM prices, elevated utility costs and supply chain disruptions
  • Value-added pipeline of products encompassing solvents, amongst others, including MIBK and MIBC projects approved by the Board
  • The operations of the Group have been merged and are reported under two business segments as per Ind AS 108, namely 'Advanced Intermediates' and 'Phenolics'

MUMBAI and VADODARA, India, Aug. 9, 2022 /PRNewswire/ -- Deepak Nitrite Limited ('DNL'), one of the fastest growing and trusted chemical intermediates companies in India, announces its financial results for the first quarter ended June 30, 2022.

The Company delivered resilient topline, and Revenue grew by 35% Year-on-Year (Y-o-Y), despite the unavailability at the Nandesari unit during the quarter, macro challenges like significant inflation in Raw Material (RM) prices, elevated utility costs and supply chain disruptions amongst others.

CMD's Message

Commenting on the performance, Mr. Deepak C. Mehta, Chairman & Managing Director, said,

"We are pleased to deliver a resilient performance this quarter enabling us to begin FY23 on an encouraging note with healthy topline growth. Stable demand and strong output, predicated on high plant efficiency served as the primary growth drivers. We continue to enhance our market position in several of our portfolio products.

We will continue to focus on extending our product portfolio by graduating new products from our R&D pipeline. We are confident that our growing footprint across established and new chemistries will enable us to sustain the key momentum.

Given the increasing demand in the market on a worldwide scale, we predict healthy growth for India over medium-to-long term. The Company is well positioned to capture incremental demand and profit from the country's growing trend of import substitutions. The exciting pipeline of products encompassing solvents, amongst others, including MIBK and MIBC projects approved by the Board will enable us to capitalize on this trend.

Our teams are applying themselves round the clock to overcome the setback from the unfortunate fire incident at Nandesari. Work at the affected unit has been taken up expeditiously and resumption of production is expected soon.

A robust financial position, deep client relationships and considered growth investments place us well to elevate our business proposition."

Key Developments

Update on Fire Incident

  • On June 2, 2022, an unfortunate fire occurred in the warehouse section of the manufacturing facility at Nandesari, Gujarat. This incident led to damage of certain property, plant and equipment, inventory and has interrupted business. Following checking and certification of structural stability of plants and buildings at the facility and upon receiving directions from various authorities, operations have resumed in a phased manner in most sections except for affected areas of Nitrite Section
  • Activities to resume operations at affected areas have already been taken up and the teams are working towards comprehensively completing the pre-commencement preparation within the shortest possible time frame.
  • The Company is adequately insured for reinstatement value of damaged assets and loss of profits due to business interruption. The Company has lodged claim of this incident with the insurance company and the survey is currently ongoing

Merging of Strategic Business Units (SBUs)

  • Owing to increasing number of facilities catering multi-products, integrated production processes, similar economic characteristics of products and business scenario, the Chief Operating Decision Maker (CODM) evaluates the performance of the Group as two business segments and allocates resources based on value generated from these segments. Accordingly, the operations of the Group have been merged and are reported under two Business Segments as per Ind AS 108, namely:

1. Advanced Intermediates
2. Phenolics

Update on QIP

  • The Company has completed all preparatory activities for launch of QIP. The Company is assessing market conditions for an opportune time to launch the offering. The proceeds will be deployed towards growth capex as approved by Board of Directors

Performance overview & other highlights

  • In the backdrop of volatile prices, continued challenges with logistics and sharp fluctuation in forex rates, the Company has reported a resilient performance which was premised on diversified product portfolio with deep capabilities to meet customers' needs. There was also one-off impact due to fire at the Nandesari Facility
  • Finished goods pricing has been passed on in most key products with further actions to be undertaken in certain products with some lag. The Company continued to witness significant price increases in key raw materials which impacted the margin
  • Post the fire incident, all plants are running at full capacity as per permissions given by statutory bodies as of July 2022, except SNI/SNA which is currently operating at 50% capacity; this will move to 75% by mid-September and is expected to be fully operational by October 2022
  • Total of ₹ 210 crore has been invested in Deepak Chem Tech Limited (wholly owned subsidiary) till date, of which ₹ 20 crore was invested in Q1 FY23
  • Q1 FY23 was witness to high volatility in exchange rate (₹/$), resulting in fluctuation of 5.33% (highest at 79.00 and lowest at 75.00). The Company resorted to dynamic hedging strategies to reduce risk of forex volatility, which yielded ₹ 2.16 crore of exchange gain
  • The Company achieved 44% ROCE for Q1 FY23, while attaining more than 30% in each of the last 10 reported quarters
  • The Company continues to be debt free with a sizeable net worth of ₹ 3,573 crore on a consolidated basis. This will help to leverage the balance sheet for future expansion activities
  • The Captive Power Plant at Dahej, with a capacity of 29 MW, commenced generation in May 2022. The availability of captive and reliable power supply will enable operating plants at higher efficiency on sustainable basis

Financial Highlights (Consolidated)

Q1 FY2023 Vs. Q1 FY2022 (Y-o-Y)

  • Revenues were up by 35% to Rs. 2,068 crore in Q1 FY23. The Company demonstrated resilient topline performance by traversing through several challenges like significant inflation in RM prices, elevated utility costs and supply chain disruptions amongst others. This performance was achieved despite unavailability of the Nandesari unit for part of the quarter due to fire incident at warehouse
  • EBITDA stood at Rs. 366 crore in Q1 FY23. Due to dynamic operating environment characterized by force majeure in global gas supply contracts, rising cost of power in Europe leading to plant shutdowns and stringent anti-COVID measures implemented by Chinese Authorities, there continues to be sharp rise in global prices of inputs which has impacted the EBITDA margin. Moderation in EBITDA margin is also due to higher utility costs, increase in freight and logistics costs as well as impact from return of business overheads which had been compressed last year owing to subsequent waves of pandemic
  • PAT stood at Rs. 235 crore in Q1 FY23. PAT performance mirrored the trend in operating performance. Reduction in debt and consequently lower interest cost has aided the PAT. Increase in other income due to yield on surplus funds invested has also contributed. The Company has been constantly undertaking steps to reduce its overall costs and increase manufacturing efficiencies to elevate the profitability

Performance Highlights

Segmental Performance – Q1 FY2023 Vs. Q1 FY202 (Y-o-Y)

  • Advanced Intermediates: High exchange rate volatility was witnessed during the quarter, in addition to steep inflation in key inputs. Despite the volatile global trade backdrop, DNL has delivered strong revenue growth supported by realization gains for key products. Profitability was not commensurate with the revenue growth chiefly because of two factors - rising input prices and lag effect in passing on the prices to customers. Margins will improve in the ensuing quarters as periodic repricing of products is regular business process
  • Deepak Phenolics: Strong top line performance steered by volume gains and maintaining customer wallet share across key products supported by the significant achievement of the plant clocking average utilization of ~129%. The normalising realization of joint product Acetone in relation to prior period where pricing was exceptionally high with respect to delta over feedstock has impacted the margin. The sharp rise in input prices which are to be passed on combined with higher cost of coal resulting in more than doubling of utility costs have also impacted margin performance. The demand trajectory remains solid, and the Company is well poised to realise incremental gains in this segment through timely introductions of downstream derivative products of phenol and acetone

Update on Projects

  • In order to enhance its backward integration capabilities, the Company has proposed to add new capacities of key raw materials. This will not only ensure stable supply of key inputs, but also offer margin advantage
  • The Company is also expanding its capacity for captive treatment of waste. This will lead to reduction in procurement of the targeted chemical from the open market and is expected to be commissioned in Q3 FY22
  • Brownfield expansion of key products are underway, and commissioning is targeted post completion of captive waste treatment facility mentioned above
  • For various projects under implementation at new site at Dahej, engineering and other works as well as formalities are ongoing towards introduction of various derivatives of Phenolics products

Outlook

  • DNL will tend to significantly gain from immense opportunities unfolding in the sector through 'Make in India for the World' initiative as well as strong recurrence of China+1 strategy
  • Moreover, Rs. 15 billion worth of projects lined up by the Company across key product lines, is a testament to Company's focus on continued growth and profitability in medium-to-long term, and sustained shareholder value creation
  • The Company will continue to be a partner of choice for leading Indian and global conglomerates by leveraging deep chemistry expertise and robust manufacturing set-up
  • The Company is well poised to drive incremental gains across both the segments on the back of scheduled commissioning of key projects in this and next financial year. These projects encompass:
    • Brownfield expansion of select products
    • Strengthening backward integration capabilities of key inputs which will also enhance margins
    • Value-added downstream derivatives of Phenol and Acetone including solvents
    • Adding new chemistry platforms of photo chlorination and fluorination

About Deepak Nitrite Limited

Deepak Nitrite Limited (NSE: DEEPAKNTR) (BSE: 506401), India's fastest growing Chemical Intermediates company, has a diversified portfolio that caters to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home, and personal care segments and petro derivates intermediates - phenolics, acetone and IPA in India, and overseas. Its products are manufactured across six locations, which are all accredited by Responsible Care. Focusing on a Triple Bottomline principle of People, Planet, Profit, Deepak Nitrite Ltd. deploys globally benchmarked standards & systems, we are now accredited 'Silver Rating' by EcoVadis in 2022, for sustainability initiatives.

For further information, please contact:

Dipti Agrawal
+91-7738485450
dcagrawal@godeepak.com
Head, Corporate Communications

Sumantra Basu
+91-9820393696 | +91-7573949181
sgbasu@godeepak.com
Manager, Corporate Communications & Affairs

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