Shares of Deepak Nitrite Ltd. rose over 4% on Tuesday after its profit rose for the first quarter of the current financial year.
The company's consolidated net profit rose 35% on the year to Rs 203 crore in the quarter ended June 2024, according to an exchange filing. The net profit came following top-line growth of 23% on an annualised basis during the quarter.
Deepak Nitrite's revenue for the quarter stood at Rs 2,167 crore, compared to Rs 1,768 crore in the corresponding period of the previous financial year.
The speciality chemical manufacture's operating profit rose 47% year-on-year to Rs 309 crore for the first period from Rs 210 crore, the exchange filing said. The operating profit margin rose 240 basis points to 14.3% from 11.9%.
Shares of Deepak Nitrite rose as much as 4.09% to Rs 3,074.35. The stock was trading 2.30% higher at Rs 3,021.40 as of 10:13 a.m., compared to 0.96% advance in the NSE Nifty 50 index.
The stock gained 37.49% in last 12 months, 22.99% on year to date basis. Total traded volume on NSE so far in the day stood at 1.53 times its 30-day average. The relative strength index was at 65.63.
Out of 20 analysts tracking the company, 10 maintain a 'buy' rating, five recommend a 'hold,' and five suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 21.1%
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