Deepak Nitrite Q1 net profit declines 36% to Rs 150 crore

Deepak Nitrite Q1 results 2023: Chemical manufacturing company Deepak Nitrite on Thursday reported a 36.1 per cent decline in consolidated net profit at Rs 149.9 crore for the June quarter. The company's net profit stood at Rs 234.62 crore during the corresponding period of the previous fiscal, Deepak Nitrite said in a regulatory filing. Revenue from operations fell 14.07 per cent in the first quarter of this fiscal to Rs 1,768.34 crore compared to Rs 2,057.99 crore in the same period a year ago.

On June 2, 2022, the company had said that an incident of fire occurred at one of its manufacturing sites at Nandesari, Gujarat. Property, equipment, and inventory worth crores of rupees were damaged and business was hit, resulting in overall damage of Rs 47.20 crore. The company received part payment from insurance companies towards claim against loss of assets and inventories aggregating Rs 27.09 crore, which has been adjusted against the claims, as per the filing.

Out of the Rs 27.09 crore, Rs 11.23 crore was received in March 2023, and the balance Rs 15.86 crore was received in the June quarter, the company added. 

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