Deepak Nitrite Drops The Most In Nearly 10 Months After Q2 Miss

Shares of Deepak Nitrite Ltd. fell the most since Jan. 25 after its second-quarter net income missed analysts' estimates.

The fertiliser company's consolidated net profit declined 31% to Rs 174.5 crore in the quarter ended September, according to its exchange filing.

Deepak Nitrite Q2 FY23 (Consolidated, YoY)

• Revenue up 17% at Rs 1,962 crore.

• Ebitda fell 30% to Rs 270.8 crore.

• Ebitda margin 14% versus 23%

• Net profit fell 31% to Rs 174.5 crore, compared with Bloomberg estimate of Rs 293.4 crore.

Share prices of Deepak Nitrite fell 9.19% to Rs 2,087.30 apiece as of 12:09 p.m., while the benchmark Nifty 50 declined 0.72% on the NSE. The total traded volumes were six times the 30-day average.

Of the 13 analysts tracking the company, eight maintain a 'buy', two suggest a 'hold' and three recommend a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.6%.