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Dolat Capital Report
Deepak Nitrite Ltd.'s Q4 FY23 numbers were broadly in line with our estimates. Sales grew by 4.8% YoY to Rs 19.6 billion (our estimate: Rs 20.4 billion) (down 1.5% sequentially).
Ebitda de-grew by 15.2% YoY to Rs 3.5 billion (up 10.6% QoQ) (our estimate: Rs 3.6 billion) impacted by higher opex cost (up 22.4% YoY).
Deepak Nitrite's profit after tax saw a de-growth of 12.5% YoY (up 11.9% QoQ) to Rs 2.3 billion (our estimate: Rs 2.4 billion).
Timely execution of its capex projects and their speedy ramp up will remain a key to its growth in the near to medium term.
We believe that entry into value added downstream derivatives, advanced chemistries and forward integration into Polycarbonates will help the company to subside the cyclicality in its business.
We however remain cautious of the near term recessionary trends and thus have downward revised our estimates marginally.
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