MOSCOW (MRC) -- Deepak Nitrite Ltd., a chemical manufacturer in India, has announced its results for the final quarter and financial year ended 31 March 2021. The company’s net profit increased 68.4% to Rs 290.11 crore (USD39.2 million) in the quarter ended March 2021 against Rs 172.3 crore (USD23.3 million) during the prior year quarter, according to Kemicalinfo.
Sales grew 39% to Rs 1469.17 crore (USD198.7 million) in the quarter ended March 2021 as against Rs 1057.74 crore (USD143 million) during the previous quarter ended March 2020.
For the full year, net profit rose 27% to Rs 775.81 crore (USD104.9 million) in the year ended March 2021 as against Rs 611.03 crore (USD82.6 million) during the previous year ended March 2020.
The company's sales dropped 2.7% to Rs 4381.27 crore (USD592.5 million) in the year ended March 2021 as against Rs 4264.91 crore (USD576.8 million) during the previous year ended March 2020.
The growth was driven by specific business segments with Phenolics business growing 77% at Rs 937 crore (USD126.6 million). The company reported 30% growth in the fine and specialty chemicals vertical to Rs 206 crore (USD27.8 million).
As MRC reported before, Deepak Nitrite’s fully-owned subsidiary Deepak Phenolics started up its new phenol/acetone plant, located at Dahej in the state of Gujarat, on 16 August 2018. The plant, which is operated under Deepak Nitrite’s wholly-owned subsidiary Deepak Phenolics Limited, is able to produce 200,000 tonnes/year of phenol and 120,000 tonnes/year of acetone. There is also the potential for a capacity expansion in the future. Deepak Phenolics’ plant is the largest phenol/acetone plant in India.
Deepak Phenolics shut its phenol/acetone plant in Dahej on 25 March, 2020, because of the nationwide lockdown because of the spread of coronavirus. It resumed operations in late April, 2020.
Phenol is one of the main feedstocks for the production of bisphenol A (BPA), which, in its turn, is used for the production of polycarbonate (PC).
According to MRC's ScanPlast report, overall estimated consumption of PC granules in the Russian market totalled 25,000 tonnes in the first quarter of 2021 (excluding imports and exports to/from Belarus), compared to 22,700 tonnes a year earlier. Demand increased by 10%.