Navi Mumbai based fertiliser producer, Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) has posted a three-fold increase in net profit at $15.39 million for the fourth quarter ended March 31, 2014 (January to March).
During the same period last quarter, the company’s net profit stood at $4.90 million, the company said in a statement.
The company attributed the huge growth was due to strong performance by the chemical and agri business.
Total income of the company during Q4 registered a 63 per cent growth to $180 million, as compared to $110 million recorded during the same period in the year 2012-13, the company statement adds.
For entire fiscal year 2013-14, the company's net profit increased by 66 per cent to $50 million from $24.75 million in the year 2012-13.
The company’s income from operations rose to $642 million during the period, as against $439 million posted during 2012-13.
Patil added that chemicals segment registered a growth of 73 per cent in turnover to Rs 752.70 crore in the fourth quarter of the year 2013-14 from Rs 435.07 in the same period in 2012-13.
Deepak Fertilisers President and CFO Somnath Patil said, during Q4, agri-business registered a growth of 32 per cent in the turnover on quarter-to-quarter basis to $55.73 million $42.09 million, whereas chemicals segment registered a growth of 73 per cent in turnover to $127 million, against $73.24 million posted in the same period in 2012-13.
The company's board has recommended a divided of 65 per cent or $0.10 per share.
The $300 million DFPCL is a producer of specialty fertilisers, farming diagnostics and solutions, technical ammonium nitrate industrial chemicals.
