Company Update : Deepak Nitrite Ltd By Motilal Oswal Financial Services Ltd
Operating performance below our estimate
* Revenue came in at INR19b (est. of INR19.3b), -13% YoY/QoQ each.
* Gross margin stood at 28% (-280bp YoY, -260bp QoQ).
* EBITDAM came in at 10% (-420bp YoY, -450bp QoQ).
* EBITDA stood at INR1.9b (est. of INR2b), -39% YoY, -40% QoQ.
* Adjusted PAT was INR1.1b (est. of INR1.2b), -45% YoY/QoQ each.
Segmental EBIT details
* Phenolics' EBIT margin was 13%, with EBIT at INR4.4b.
* Advanced Intermediates (AI) EBIT margin was at 16.3%, with EBIT at INR3.5b
* The revenue mix of Phenolics stood at 68% in 1QFY26, with Advanced Intermediates' share at 32%
* The EBIT mix for AI was 23% vs. 24% in 1QFY25
* The EBIT mix for Phenolics was 77% vs. 76% in 1QFY25
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