Mumbai, Nov 2 (PTI) Deepak Fertilisers andPetrochemicals Corporation (DFPCL) today posted a 70 per centgrowth in profit after tax (PAT) a consolidated basis at Rs47.21 crore in the second quarter of this financial year,compared to the same period last year.
DFPCL's PAT for second quarter of FY17 stood at 27.78crore, the company said in a release issued here.
The total income of the company grew by 27 per cent atRs 1,233.93 crore in Q2 FY18 from Rs 968.44 crore in Q2 FY17.
Sailesh C Mehta, Chairman & Managing Director – DFPCLsaid, "Q2 has been reassuring from the perspective of improvedperformance from each of our businesses, in terms of volumesas well as margins.
"India and the US will soon intensify the work ondevelopment of shale gas in coastal India and is alsorenegotiating LNG prices with worldÂ’s largest energysuppliers, which would help in softening of LNG and NaturalGas prices, further benefiting us, since they are its key rawmaterials," Mehta said.
The Indian pharma industry, which is slated to grow at15 per cent against global growth of 5 per cent, will boostthe solvents consumption, especially IPA, where DFPCL enjoysthe highest market share and have already announced itsexpansion plans for increasing the production of IPA to caterto the growing demand, he said.
Further, he said, with the rapidly approaching rabiseason and thrust on infrastructure projects, the company isexpected to continue this reasonably positive trend in theforthcoming quarters.
"We have successfully tied up debt financing for ourRs 575 crore for the Dahej Nitric Acid plant, which isscheduled to be commissioned in the second half of FY19," headded. PTI SMRMT.
This is unedited, unformatted feed from the Press Trust of India wire.