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Motilal Oswal Report
Deepak Nitrite Ltd. reported a miss on our estimates. Ebitda came in 12% lower than our estimate at Rs 3.6 billion. Ebitda margin, at 17.3%, was also below our estimate of 20.5% – the lowest since Q3 FY19. The miss was largely led by the advanced intermediates segment. Ebit margin declined to 18% in the advanced intermediates segment.
The operations of the group have been reclassified under two business segments: advanced intermediates and phenolics. Advanced intermediates include basic intermediates, fine and specialty chemicals, and the performance products segment.
Mr. Sanjay Upadhyay has been elevated to the post of Executive Director (Finance) and Group CFO. Mr. Somsekhar Nanda has been appointed as CFO of the company in his place.
Deepak Nitrite's Ebit mix for the advanced intermediates segment fell to 41% from 55% in Q4 FY22, with the contribution from phenolics at 59% (up from an average of 56% in FY22).
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