Deepak Nitrite standalone Q4 net doubles to ₹116 crore

Deepak Nitrite Limited standalone net profit more than doubled to ₹116 crore for the quarter ended March 2020, as against ₹57 crore, in the corresponding quarter a year ago, indicating 104 per cent jump on year-on-year basis.

The company's standalone revenues from operations for the quarter stood at ₹525 crore, up from ₹486 crore in the same period last year.

For the financial year 2019-20, standalone net profit jumped to ₹544 crore as against ₹138 crore in the previous year. Standalone revenues for the year were reported at ₹2,230 crore as compared to ₹1,792 crore in the previous year.

Deepak C. Mehta, Chairman & Managing Director, commented on the results, “We have ended fiscal 2020 on a positive note with record topline performance and highest ever PAT despite disruptions caused due to the Covid-19 pandemic.”

On consolidated basis, company's net profit for the quarter stood at ₹172 crore up from ₹91 crore in the same quarter last year. Consolidated revenues from the operations stood at ₹1,056 crore, (₹1,008 crore) in the corresponding quarter last year.

For the fiscal 2019-20, company registered consolidated net profit of ₹611 crore as against ₹174 crore in the previous year. Consolidated revenues for the year stood higher at ₹4,230 crore as against ₹2,700 crore last year.

In its board meeting held on Tuesday, the company announced elevation of Maulik Mehta as Executive Director & CEO with effect from June 1, 2020 replacing Umesh Asaikar, who is retiring on May 31, 2020 after completing his term.

Deepak Nitrite shares lost 0.1 per cent on BSE to close at ₹500.60 on Wednesday.