Deepak Nitrite

₹2493 61.2 | 2.5%

WEBSITE BSE:506401 NSE : DEEPAK NITR. 10 May, 16:01

Market Cap ₹34003 Cr.

Stock P/E 43.0

P/B 7.5

Current Price ₹2493

Book Value ₹ 333.2

Face Value 2

52W High ₹2620

Dividend Yield 0.3%

52W Low ₹ 1864.3

Edit Ratio

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Deepak Nitrite Limited

Deepak Nitrite Ltd

Overview Inc. Year: 1970Industry: Chemicals

Deepak Nitrite Ltd is a chemical manufacturing company. The Company's segments include Performance Products, Phenolics, Basic Chemicals, Fine & Speciality Chemicals. The Basic Chemicals section offers sodium nitrate, nitro toluidines, gas additives, sodium nitrite, and nitrosyl sulphuric acid. The Fine & Speciality Chemicals section gives cumidines, xylidines, oximes, and speciality agrochemicals. Its Performance Products consist of diamino stilbene disulfonic acid (DASDA) and optical brightening agent (OBA). Its Phenolics offers cumene, isopropyl alcohol, phenol, and acetone. The Company's merchandise cater to numerous industries, together with colorants, rubber, pharmaceuticals, paper, fabric,petrochemicals, agrochemicals, and detergents. The Company's manufacturing facilities are located at Roha, Taloja (Maharashtra), Nandesari, Dahej (Gujarat) and Hyderabad (Telangana), and its R&D facility is positioned at Nandesari (Gujarat).

Deepak Nitrite Share Price

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Peer Comparison

Deepak Nitrite Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	1681	1722	1872	2058	1962	1991	1961	1768	1778	2009
Other Income	8	26	4	10	12	13	13	32	17	14
Total Income	1690	1748	1876	2068	1974	2004	1974	1800	1795	2023
Total Expenditure	1295	1370	1462	1702	1691	1676	1613	1559	1476	1705
Operating Profit	395	378	414	366	283	328	361	242	319	318
Interest	9	7	7	9	6	6	4	2	3	3
Depreciation	44	45	45	42	42	41	41	38	39	42
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	342	325	362	315	235	281	315	202	277	274
Provision for Tax	87	83	95	81	60	72	81	52	72	72
Profit After Tax	254	242	267	235	174	209	234	150	205	202
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	254	242	267	235	174	209	234	150	205	202
Adjusted Earnings Per Share	18.6	17.8	19.6	17.2	12.8	15.3	17.1	11	15	14.8

Deepak Nitrite Profit & Loss

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1327	1373	1371	1651	2700	4230	4360	6802	7972	7516
Other Income	5	2	13	12	18	36	27	54	48	76
Total Income	1332	1375	1383	1664	2718	4265	4387	6856	8020	7592
Total Expenditure	1191	1207	1234	1453	2286	3201	3115	5207	6681	6353
Operating Profit	141	168	149	211	432	1064	1272	1649	1339	1240
Interest	38	40	37	47	87	118	77	36	27	12
Depreciation	36	40	48	53	78	140	153	178	166	160
Exceptional Income / Expenses	0	0	70	0	0	0	0	0	0	0
Profit Before Tax	67	89	135	111	268	806	1042	1434	1146	1068
Provision for Tax	14	26	38	32	94	195	266	368	294	277
Profit After Tax	53	63	96	79	174	611	776	1067	852	791
Adjustments	-0	-0	0	1	-3	-4	0	0	0	0
Profit After Adjustments	53	63	96	80	171	607	776	1067	852	791
Adjusted Earnings Per Share	5.1	5.4	7.4	5.8	12.5	44.5	56.9	78.2	62.5	57.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	17%	24%	37%	0%
Operating Profit CAGR	-19%	8%	45%	0%
PAT CAGR	-20%	12%	61%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	27%	12%	55%	45%
ROE Average	23%	33%	33%	26%
ROCE Average	30%	38%	34%	25%

Deepak Nitrite Balance Sheet

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	346	473	715	922	1072	1572	2347	3338	4090
Minority's Interest	0	0	0	0	0	0	0	0	0
Borrowings	239	159	218	550	870	779	524	187	43
Other Non-Current Liabilities	54	64	47	70	103	108	136	158	202
Total Current Liabilities	484	598	807	1048	884	749	553	747	794
Total Liabilities	1123	1294	1787	2591	2928	3209	3560	4430	5129
Fixed Assets	549	598	586	588	1716	1832	1864	1963	1942
Other Non-Current Assets	101	115	451	1010	50	220	244	182	448
Total Current Assets	473	581	751	993	1162	1156	1452	2285	2739
Total Assets	1123	1294	1787	2591	2928	3209	3560	4430	5129

Deepak Nitrite Cash Flow

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	6	3	5	6	9	3	2	9	23
Cash Flow from Operating Activities	108	167	49	183	60	765	1002	824	650
Cash Flow from Investing Activities	-89	-169	-353	-525	-163	-428	-396	-424	-276
Cash Flow from Financing Activities	-22	4	305	345	96	-338	-599	-386	-359
Net Cash Inflow / Outflow	-3	2	1	4	-6	-1	7	14	15
Closing Cash & Cash Equivalent	3	5	6	9	3	2	9	23	38

Deepak Nitrite Ratios

#	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	5.06	5.39	7.37	5.85	12.52	44.52	56.88	78.2	62.46
CEPS(Rs)	8.52	8.81	11.04	9.65	18.43	55.04	68.07	91.23	74.66
DPS(Rs)	1	1.2	1.2	1.3	2	4.5	5.5	7	7.5
Book NAV/Share(Rs)	33.04	40.6	54.69	67.61	78.56	115.24	172.04	244.75	299.85
Core EBITDA Margin(%)	9.65	11.42	9.37	11.84	15.34	24.32	28.55	23.28	16.04
EBIT Margin(%)	7.44	8.84	11.76	9.44	13.13	21.85	25.67	21.47	14.56
Pre Tax Margin(%)	4.75	6.12	9.25	6.61	9.93	19.07	23.89	20.94	14.23
PAT Margin (%)	3.74	4.32	6.62	4.71	6.43	14.45	17.79	15.57	10.58
Cash Profit Margin (%)	6.29	7.03	9.92	7.85	9.31	17.75	21.3	18.16	12.65
ROA(%)	7.69	5.2	6.25	3.61	6.29	19.91	22.92	26.7	17.83
ROE(%)	25.83	15.39	16.23	9.65	17.42	46.23	39.6	37.52	22.94
ROCE(%)	19.8	13.63	14.03	9.46	17.02	37.56	40.06	44.82	30.13
Receivable days	45.84	78.18	84.5	84.07	66.7	51.25	57.31	50.23	55.28
Inventory Days	18.71	28.31	36.15	53.63	49.76	34.74	32.53	25.77	33.5
Payable days	31.74	55.24	77.06	127.16	108.41	65.23	65.57	42.56	40.38
PER(x)	13.42	12.56	17.81	42.57	21.93	8.68	29.13	28.7	29.49
Price/Book(x)	2.05	1.67	2.4	3.68	3.5	3.35	9.63	9.17	6.14
Dividend Yield(%)	1.47	1.77	0.91	0.52	0.73	1.16	0.33	0.31	0.41
EV/Net Sales(x)	0.94	0.95	1.77	2.62	1.82	1.5	5.31	4.54	3.15
EV/Core EBITDA(x)	8.85	7.78	16.3	20.55	11.35	5.95	18.2	18.73	18.78
Net Sales Growth(%)	418.52	3.45	-0.16	20.48	63.49	56.66	3.07	56.02	17.2
EBIT Growth(%)	280.11	22.38	32.79	-7.5	124	160.73	21.06	31.43	-20.28
PAT Growth(%)	428.45	18.7	53.12	-17.96	119.78	251.85	26.97	37.49	-20.12
EPS Growth(%)	234.68	6.6	36.59	-20.66	114.17	255.57	27.77	37.49	-20.12
Debt/Equity(x)	1.58	1.12	1.01	1.07	1.11	0.69	0.25	0.09	0.01
Current Ratio(x)	0.98	0.97	0.93	0.95	1.31	1.54	2.62	3.06	3.45
Quick Ratio(x)	0.76	0.77	0.72	0.64	0.85	1.02	1.93	2.28	2.33
Interest Cover(x)	2.77	3.24	4.68	3.34	4.1	7.84	14.47	40.44	43.95
Total Debt/Mcap(x)	0.77	0.67	0.42	0.29	0.32	0.21	0.03	0.01	0

Deepak Nitrite Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	45.69	45.72	45.72	45.72	45.72	49.13	49.13	49.13	49.13	49.13
FII	8.84	8.76	9.07	7.1	7.39	7.28	7.08	6.47	6.42	6.66
DII	10.74	10.03	10.71	13.37	15.08	15.49	16.62	17.95	18.93	19.33
Public	34.73	35.5	34.5	33.82	31.82	28.09	27.17	26.45	25.52	24.88
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	6.23	6.24	6.24	6.24	6.24	6.7	6.7	6.7	6.7	6.7
FII	1.21	1.19	1.24	0.97	1.01	0.99	0.97	0.88	0.88	0.91
DII	1.46	1.37	1.46	1.82	2.06	2.11	2.27	2.45	2.58	2.64
Public	4.74	4.84	4.71	4.61	4.34	3.83	3.71	3.61	3.48	3.39
Others	0	0	0	0	0	0	0	0	0	0
Total	13.64	13.64	13.64	13.64	13.64	13.64	13.64	13.64	13.64	13.64

Pros

Company has delivered good profit growth of 60% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 33%
Debtor days have improved from 42.56 to 40.38days.
Company has reduced debt.
Company is almost debt free.

Cons

Promoter holding is low: 49.13%.
Stock is trading at 7.5 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.