Deepak Fertilizers and Petrochemicals Corp. Ltd. said it was planning to pump in Rs.415 crore in expanding its fertiliser capacity this year.
The company proposes to invest around Rs.360 crore in doubling the production capacity of NPK grade complex fertilizers at Taloja from the present 2.29 lakh tonnes to 6 lakh tonnes.
It also plans to set up a new bentonite sulphur project with an investment of Rs.55 crore near Panipat in Haryana, the company said.
The capacity augmentation will expand the company's product grades from single grade prilled 24:24:0 Nitro Phosphate (NP) fertilizers to multi-grade NPK granulated fertilizers.
Commenting on this expansion, Vice-Chairman and Managing Director Sailesh C. Mehta said, "Given the growing concern over India's declining fertiliser response ratio and the urgent need for balanced fertiliser use, we have decided to expand and more than double our NPK capacity to 6,00,000 tonnes per annum. We believe this project will significantly benefit farmers in Western India and also aid us in significantly enhancing our market share in fertilizers and gain increased competitive advantage."
Stand-alone Results
The company reported fourth-quarter stand-alone net profit of Rs.45.48 core, down by 14 percent from the Rs.52.72 crore in Q4FY11. Total income from operations stood at Rs.690.26 crore, compared with Rs.428.47 crore for the corresponding quarter last year, an increase of 61 percent,
Results for the quarter was impacted due to a steep increase in raw material costs, coupled with a time lag in finished produce price adjustment and some planned plant shutdown.
For the year-ended March 2012, the stand-alone net profit stood at Rs 212.97 crore on total income of Rs.2,342.81 crore. In the previous year, the net profit stood at Rs 186.62 crore on an income of Rs 1,564.81 crore in the previous year.
Consolidated Results
The consolidated net profit for the year-ended March 31, 2012 were Rs 211.70 crore on revenue of Rs 2411.57 crore, compared with a net profit of Rs 187.51 crore on income of Rs.1,627.90 crore.
The company's board recommended a dividend of 55 percent or Rs.5.50 per share Rs.10 for the fiscal year 2012.
At the BSE, Deepak Fertilizers and Petrochemicals Corp. shares are currently trading at Rs.132.50, up 0.72 percent from the previous close.
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