Deepak Nitrite on Monday, October 28, said the board of its wholly-owned subsidiary Deepak Phenolics Limited gave its approval for the execution of definitive agreements with Petronet LNG Ltd to procure propylene and hydrogen.

The agreements are to procure 250 KTPA of propylene and 11 KTPA of hydrogen from Petronet Petrochemical Project at Dahej, Gujarat for 15 years from the date of first supply.

The company will report its September quarter results on November 13, 2024.

In the June quarter, Deepak Nitrite reported a 35.1% increase in its net profit for the June quarter of this fiscal at ₹202.5 crore.

In the corresponding quarter, Deepak Nitrite posted a net profit of ₹150 crore. The company’s revenue from operations increased 22.5% to ₹2,166.8 crore against ₹1,768.3 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 47.4% to ₹309.2 crore in the first quarter of this fiscal over ₹209.7 crore in the year-ago period.

The EBITDA margin stood at 14.35% in the reporting quarter compared to 11.9% in the first quarter of FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Deepak Nitrite shares ended 1.07% higher at ₹2,699.95 apiece on Monday, October 28. The stock has fallen 7.13% in the past month, but has gained 35.61% in the past year.

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