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Dolat Capital Report
Deepak Nitrite Ltd.’s Q4 FY22 consolidated results missed our estimates, sales grew by 28.0% YoY to Rs 18.7 billion (our estimate: Rs 19.6 billion).
Ebitda was dragged down by 9.8% YoY to Rs 4.1 billion, however improving sequentially by 16.6% (our estimate: Rs 5.2 billion).
Soaring input costs (gross margins down by 935 basis points YoY), higher employee expenses (up 22.7% YoY) and higher power and fuel costs (up 55.8% YoY) dented operating performance.
Deepak Nitrite's profit after tax de-grew by 7.9% YoY and 10.2% QoQ to Rs 2.67 billion (our estimate: Rs 3.6 billion), de-growth could have been steeper had it not been for lower depreciation (down 21%) and finance cost (down 50%).
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