Industrial chemicals and fertilisers manufacturer Deepak Fertilisers and Petrochemicals Corporation on Tuesday said its wholly owned subsidiary Performance Chemiserve Ltd has raised Rs 900 crore.
The company informed the stock exchanges that it has raised Rs 900 crore by issuing an allotment of rated, listed, unsecured, redeemable non-convertible debentures (NCDs) on a private placement basis to qualified institutional buyers.
The payment obligation under NCDs is guaranteed by way of corporate guarantee of the company, it said. The NCDs will be listed on BSE Limited and the maximum tenor is 3 years with a call option after 18 months, the company added.
Deepak Fertilisers reported a 9 percent year-on-year decline in net profit at Rs 254.9 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net profit of Rs 280 crore.
In the March quarter, total revenue stood at Rs 2,795.5 crore during the period under review, up 39 percent against Rs 2,012.5 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA declined 6.5 percent to Rs 254.9 crore in the fourth quarter of this fiscal over Rs 280 crore in the corresponding period in the previous fiscal.
The EBITDA margin stood at 16.8 percent in the reporting quarter as compared to 24.9 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
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