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Motilal Oswal Report
Deepak Nitrite Ltd. reported a miss on our estimates. Ebitda came in 8% lower than our estimate at Rs 3.5 billion, while Ebitda margin, at 20.4%, was lower than our estimate of 25.1%, the lowest since Q4 FY19.
Phenolics continued its strong growth, with basic Intermediates and the performance products segment performing well in Q3 FY22. Ebit margin in the fine and specialty chemicals fell for the fifth consecutive quarter. However, the same in basic intermediates and phenolics normalised in Q3 FY22.
Deepak Nitrite's Ebit mix for basic intermediates and fine and specialty chemicals remains largely similar to Q2 FY22 levels, with the contribution from Phenolics at 52% (down from an average of 64% in H1 FY22).
However, the contribution from performance products increased significantly to 13% in Q3 from 3% in Q2 FY22 on the back of higher realisations and strong demand.
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