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Motilal Oswal Report
Deepak Nitrite Ltd. reported a beat on our estimates. Ebitda came in 32% higher than our estimate at Rs 4.1 billion, while Ebitda margin, at 21.9%, was also higher than our estimate of 16.9% – albeit, at a multi-quarter low.
Fine and specialty chemicals segment revived, while basic intermediates and the performance products segments performed well in Q4 FY22.
Deepak Nitrite's Ebit margin in the phenolics business stood at 16%. However, the same expanded in the basic intermediates segment.
Ebit mix for basic intermediates/fine and specialty chemicals improved to 25%/20% from 19%/15% in Q3 FY22, with the contribution from phenolics at 45% (down from an average of 64% in H1 FY22).
The contribution from performance products decreased to 10% in Q4 FY22 from 13% in Q3 FY22, although volumes and sales realisation improved significantly in H2 FY22.
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