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financial results ::

Deepak Nitrite Limited’s International Business Surges 44%
Maintains 30% Dividend

The Board of Director has maintained 30% dividend for the year 2003-04.

Deepak Nitrite Limited (DNL) has posted higher turnover of Rs. 278 crore compared to Rs. 249 crore of the previous year. Export registered an impressive growth from Rs. 78 crore to Rs. 113 crore, a growth of 44% for the corresponding year. This has significantly contributed toward the increase in turnover. Net Profit stood at Rs. 8.12 crore (includes one time other income of Rs. 4.9 crore arising out of sale of TDR and disposal of long term investment) as compared to Rs. 11.70 crore for of pervious year reflecting impact of steep increase in raw material prices following international crude price hike.

Commenting on Export performance Mr. D.C. Mehta, Managing Director said, “International business is growing at a faster rate and is less volatile than the domestic business. This will help us concentrate on bringing in greater value add to our products, besides customers are also more discerning”.

As a result of continued efforts both energy and operational efficiencies improved further during the year. Company persist its efforts to develop new value added products for exports through in its house R&D initiatives.
Registered Office: 9/10, Kunj Society, Alkapuri, Baroda-390007
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31st MARCH, 2004

(Rs. in Lacs)

Sr.No.
Particulars
Nine months ended
Quarter ended
Year ended
   
31-12-2003
31-03-2004
31-03-2003
31-03-2004
31-03-2003
   
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)
(Audited)
1 Net Sales 20237.84 7604.47 6458.19 27842.31 24932.15
2
Other Operating Income
 155.92 170.77 11.42 326.69 261.69
3 Other Income 567.26 295.61 36.98 862.87 227.70
4 Total Expenditure 18917.29 6858.35 5490.02 25775.64 22056.70
  a. (Increase) /decrease in Stock in trade
309.58
(40.21)
(527.67)
269.37
(838.69)
  b. Consumption of Raw Materials 12178.38 4548.00 3943.72 16726.38 15242.68
  c. Staff cost 1379.41 815.76 493.13 2195.17 1759.95
  d. Other expenditure 5049.92 1534.80 1580.84 6584.72 5892.76
5 Interest 783.83 366.66 237.02 1150.49 1118.02
6 Depreciation 605.42 558.40 196.55 1163.82 773.83
7 Profit before Tax 654.48 287.44 583.00 941.92 1472.99
8 Provision for taxation          
  a. Current tax 70.00 33.59 87.72 103.59 287.00
  b. Deferred tax (16.00) 37.41 (23.25) 21.41 15.25
9 Profit after tax 600.48 216.44 518.53 816.92 1170.74
10
Add (Less) : Prior Year’s adjustment / Extraordinary items
- 
(3.94)
   -  
        (3.94)
- 
11 Net Profit 600.48 212.50 518.53 812.98 1170.74
12 Paid up Equity Share Capital 575.00 598.21 575.00 598.21 575.00
  (Face Value of Rs. 10/- each)          
13
Reserves excluding revalution reserve
       6490.51 6030.26
14 Basic EPS not annualised ( Rs.) 10.44 3.70 9.02 14.14 20.36
15 Diluted EPS not annualised ( Rs.) 10.44 3.55 9.02 13.59 20.36
16
Aggregate of Non-Promoter Shareholding
          
  Number of Shares 3229517 3461579 3289255 3461579 3289255
 
Percentage of Shareholding
 56.17 57.87 57.20 57.87 57.20
 
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
 (Rs. in Lacs)

Sr.No.

Particulars

Nine months ended

Quarter ended

Year ended
    31-12-2003 31-03-2004 31-03-2003 31-03-2004 31-03-2003
   
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)
(Audited)
             
1 Segment Revenue :          
  a) Inorganic Intermediates 5853.04 1891.62 1857.50 7744.66 7681.05
  b) Organic Intermediates 10563.45 4673.39 3289.51 15236.84 12362.34
  c) Fine & Speciality Chemicals 3992.71 1563.45 1323.59 5556.16 5161.06
  Total 20409.20 8128.46 6470.60 28537.66 25204.45
  Less: Inter segment revenue 15.44 353.22 0.99 368.66 10.61
  Net Sales/Income from operations 20393.76 7775.24 6469.61 28169.00 25193.84
2 Segment Results before tax & Interest:          
  a) Inorganic Intermediates 1121.68 248.26 475.31 1369.94 1695.69
  b) Organic Intermediates 389.37 258.08 400.78 647.45 1113.59
  c) Fine & Speciality Chemicals 356.81 266.10 201.61 622.91 687.71
  Total 1867.86 772.44 1077.70 2640.30 3496.99
  Less:I) Interest 783.83 366.66 237.02 1150.49 1118.02
  ii) Other un-allocable expenditure  429.55 122.28 257.68 551.83 905.98
  Net of un-allocable Income          
  Total Profit Before Tax 654.48 283.50 583.00 937.98 1472.99
3 Capital Employed :          
  a) Inorganic Intermediates 3624.56 3656.53 3538.92 3656.53 3538.92
  b) Organic Intermediates 10246.49 11239.25 9059.88 11239.25 9059.88
  c) Fine & Speciality Chemicals 3581.30 3168.85 3099.78 3168.85 3099.78
  d) Other unallocable 1595.09 1109.78 2394.93 1109.78 2394.93
  Total 19047.44 19174.41 18093.51 19174.41 18093.51
 
  notes -

1)

All formalities for amalgamation of erstwhile Aryan Pesticides Ltd with the Company have been completed.The scheme   sanctioned by the Hon'ble High courts at Bombay and Gujarat became  effective on 31st March 2004 and has  been given effect to in these accounts retrospectively from 1st April 2003, the appointed date.  The Paid up Equity Share Capital as on 31st March 2004 includes 2,32,062 Equity Shares of Rs. 10/- each pending allotment.
   
2) Previous year's figures, wherever necessary, have been regrouped in order to conform to this year's classification.  The entire operating results for the period from 1/04/2003 to 31/03/2004 of the erstwhile Subsidiary Company Aryan Pesticides Ltd is incorporated in the quarter ended 31/03/2004.Hence, the figures for the year ended 31st March 2004 and the current quarter are  not comparable with prior period figures.
   
3) Current quarter witnessed  reduction in import duties by 11% significantly affecting realisations.
   
4) Other Income for the  year includes:
 
a) Rs.315 lacs on divestment of the Company's holding in the equity of Deepak Fertilisers & Petrochemicals Corporation Ltd. &
Rs. 118.85 lacs on sale of Transferable Development Rights (TDR).
 
b) Rs. 118.85 lacs on sale of Transferable Development Rights (TDR).
 
5) The Board of Directors has recommended a dividend of  30 % on Equity Shares of the Company for the year ended 31st March 2004, for the approval of the Shareholders.
   
6) There were no investor complaints pending as at the beginning of the quarter. The Company has received ten complaints from the investors during the quarter and all the complaints were resolved during the quarter.  There were no complaints lying unresolved at the end of the quarter.
   
7) There was a minor fire at the Nitro Aromatic unit at Baroda on 5th June 2004.  The plant was under planned maintenance activities at the time the incident took place.  The loss and replacement cost  on account of damage to the Plant & Machinery is being assessed but  may approximately  be around Rs. 1.50 Crores.  However, the plant is fully covered under insurance.  The Company is in the process of restoring operations of the affected plant at the earliest.
   
8) The above audited financial results reviewed by the Audit Committee have been considered and taken on record by the Board of Directors at its meeting held on 17th June 2004.
   
  For DEEPAK NITRITE LIMITED
  MUMBAI, 17th June, 2004
  D.C. MEHTA
  MANAGING DIRECTOR
   
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