On a consolidated basis, the net profit of Deepak Nitrite tumbled 7.79 per cent to Rs 2,119.50 after the net profit declined 31.4 per cent to Rs 174.47 crore at a 16.7 per cent rise in net sales to Rs 1,961.65 crore in Q2 of FY23 over Q2 of FY22.

PBT dropped by 31.3 per cent to Rs 234.59 crore in the second quarter of FY23 from Rs 341.68 crore registered in the first quarter of FY22. Total expenses increased by 29 per cent on a yearly basis to Rs 1,739.10 crore in Q2FY23.

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The cost of raw materials rose 38.4 per cent to Rs 1,448.26 crore, while employee benefits expenses rose 15.03 per cent to Rs 78.52 crore in Q2 of FY23 over the second quarter of FY22.

The revenue from the phenolics business of the company rose by 16.9 per cent year on year to Rs 1,969.38 crore, and the advanced intermediates segment revenue grew 25.9 per cent year on year to Rs 685.30 crore.

This company is one of the leading suppliers of chemical intermediates., with a portfolio including dyes, agrochemicals, plastics, pigments, textiles, home, paper and personal care segments all over India.