Deepak Nitrite Q2 Results 2024: Profit Falls by 5.31% YOY

Deepak Nitrite Q2 Results 2024:Deepak Nitrite declared their Q2 results on 13 Nov, 2024, revealing a mixed performance for the quarter. The company's topline saw a notable increase of 14.28% year-over-year, reaching ₹2032 crore. However, this positive trend in revenue was overshadowed by a decline in profit, which fell by 5.31% year-over-year to ₹194.19 crore.

When comparing the results to the previous quarter, the company experienced a decline in both revenue and profit. Revenue decreased by 6.22% quarter-over-quarter, while profit saw a smaller drop of 4.12%. This has raised concerns among investors as the company navigates through fluctuating market conditions.

In terms of expenses, the selling, general, and administrative costs rose by 1.84% quarter-over-quarter and increased significantly by 14.47% year-over-year. This growth in expenses may be a contributing factor to the declining profit margins.

The operating income also faced challenges, down by 4.84% quarter-over-quarter and 5.24% year-over-year, indicating that the company is struggling to maintain profitability amidst rising costs.

Earnings per share (EPS) for the quarter stood at ₹14.24, reflecting a decrease of 5.32% compared to the same quarter last year. This decline in EPS may further influence investor sentiment.

Over the past week, Deepak Nitrite has delivered a return of -12.39%, while it has managed a modest 2.86% return over the last six months and a 0.5% year-to-date return. The stock's performance raises questions about its future trajectory amidst the current financial results.

As of 14 Nov, 2024, Deepak Nitrite has a market capitalization of ₹34,010.97 crore, with its shares trading between a 52-week high of ₹3169 and a low of ₹2021. The fluctuations in share price reflect the market's mixed reactions to the company's financial health.

Analyst sentiment is also varied, with out of 16 analysts covering the stock, 3 have rated it as a Strong Sell, 2 as Sell, 5 as Hold, 3 as Buy, and 3 as Strong Buy. The consensus recommendation as of now is to Hold, suggesting that while there is uncertainty, there are also optimistic views on the company's potential.

Disclaimer: This is an AI-generated live blog and has not been edited by LiveMint staff.