Deepak Nitrite posts 8.54% rise in profit to Rs 254 cr; gets board nod to acquire OXOC Chemicals

New Delhi: Deepak Nitrite Ltd has posted an 8.54 per cent rise in consolidated net profit to Rs 253.85 crore for the March quarter on the back of higher income.

The chemical firm had reported a net profit of Rs 233.86 crore in the year-ago period.

Total income of the company increased 8.6 per cent to Rs 2,145.34 crore during the January-March period of FY24, from Rs 1,973.93 crore a year earlier, according to a regulatory filing.

Expenses remained higher at Rs 1,875.96 crore, compared with Rs 1,658.78 crore in the said period.

For the full 2023-24 fiscal, the company reported a 4.82 per cent decline in consolidated net profit to Rs 810.89 crore, compared with Rs 852 crore in the previous fiscal.

Total income fell to Rs 7,757.93 crore from Rs 8,019.64 crore during the said period, the filing added.

The board also approved the acquisition of 10,000 shares of OXOC Chemicals Ltd for Rs 1,00,000 in cash and make it a wholly owned subsidiary of the company.

Shares of the Gujarat-based company rose 0.33 per cent to Rs 2,522.55 apiece at 1400 hours on the BSE.