Specialty chemicals maker Deepak Nitrite Ltd on May 20 reported an 8.5 percent year-on-year (YoY) rise in net profit at Rs 253.85 crore for the March quarter of financial year 2023-24.
Deepak Nitrite posted a net profit of Rs 233.86 crore in the year-ago period, the company said in a regulatory filing.
Revenue increased 8.4 percent to Rs 2,126 crore from Rs 1,961 crore in the same period the previous year.
The Board of Directors have recommended, subject to the approval of shareholders, a dividend of Rs 7.5 per equity share for the year ended March 31, 2024.
The Board also considered and approved to acquire 100 percent shareholding of OXOC Chemicals Limited for Rs 1 lakh having 10,000 equity shares with face value of Rs 10 each.
With respect to fire incident at Company's one of the manufacturing sites located at Nandesari, Gujarat in June 2022 which resulted damage to certain property, plant and equipment & inventory, the Company had recognized loss of Rs 47.20 crore as an exceptional item and had recognized insurance claim receivable of Rs 47.20 crore against the same.
Deepak Nitrite has presence across three segments —basic chemicals, fine and specialty chemicals and performance products — and caters to more than 900 clients in over 40 countries. It has manufacturing units in Nandesari and Dahej in Gujarat, Roha and Taloja in in Maharashtra and Hyderabad in Telangana.
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