Reported Earnings • May 17
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: ₹40.36 (down from ₹51.12 in FY 2025). Revenue: ₹79.5b (down 4.0% from FY 2025). Net income: ₹5.51b (down 21% from FY 2025). Profit margin: 6.9% (down from 8.4% in FY 2025). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 14
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: ₹7.32 (up from ₹7.19 in 3Q 2025). Revenue: ₹19.8b (up 4.2% from 3Q 2025). Net income: ₹997.9m (up 1.7% from 3Q 2025). Profit margin: 5.0% (down from 5.2% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Second quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2026 results: EPS: ₹8.71 (down from ₹14.24 in 2Q 2025). Revenue: ₹19.2b (down 5.4% from 2Q 2025). Net income: ₹1.19b (down 39% from 2Q 2025). Profit margin: 6.2% (down from 9.6% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 2.2%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 7% per year. New Risk • Nov 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.7% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.7% net profit margin). Price Target Changed • Aug 19
Price target decreased by 7.1% to ₹1,980 Down from ₹2,131, the current price target is an average from 16 analysts. New target price is 9.2% above last closing price of ₹1,814. Stock is down 37% over the past year. The company is forecast to post earnings per share of ₹52.33 for next year compared to ₹51.12 last year. Buy Or Sell Opportunity • Aug 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₹1,811. The fair value is estimated to be ₹2,309, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Duyuru • Aug 14
Deepak Nitrite Limited Approves Dividend for Financial Year Ended March 31, 2025 Deepak Nitrite Limited at its AGM held on August 14, 2025 approved to declare dividend of INR 7.50 per share, being 375%, per equity share of face value of INR 2.00 each for the Financial Year ended March 31, 2025. Reported Earnings • Jul 25
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹51.12 (down from ₹59.45 in FY 2024). Revenue: ₹82.8b (up 7.8% from FY 2024). Net income: ₹6.97b (down 14% from FY 2024). Profit margin: 8.4% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 8.8%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • Jul 24
Dividend of ₹7.50 announced Dividend of ₹7.50 is the same as last year. Ex-date: 4th August 2025 Payment date: 13th September 2025 Dividend yield will be 0.4%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (15% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Jul 22
Deepak Nitrite Limited, Annual General Meeting, Aug 14, 2025 Deepak Nitrite Limited, Annual General Meeting, Aug 14, 2025, at 11:30 Indian Standard Time. Duyuru • Jul 03
Deepak Nitrite Limited Announces Cessation of Subash Dhar as Head - Technology , Effective from Subash Dhar, Head - Technology Deepak Nitrite Limited announced that Mr. Subash Dhar, Head - Technology of the Company who was appointed on fixed term on June 25, 2020, has completed his term with effect from close of business hours on June 30, 2025. Board Change • Jul 03
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Punit Lalbhai was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 29
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹51.12 (down from ₹59.45 in FY 2024). Revenue: ₹83.7b (up 8.9% from FY 2024). Net income: ₹6.97b (down 14% from FY 2024). Profit margin: 8.3% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 8.8%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Duyuru • Apr 09
Deepak Nitrite Limited Announces Prakash Samudra Submits Resignation as Independent Director, Effective 9 April 2025 Deepak Nitrite Limited announced that Shri Prakash Samudra has submitted his resignation as Independent Director of the Company which shall be effective from close of business hours on 9 April 2025, due to his personal reasons. Price Target Changed • Feb 18
Price target decreased by 16% to ₹2,225 Down from ₹2,644, the current price target is an average from 17 analysts. New target price is 17% above last closing price of ₹1,899. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₹47.22 for next year compared to ₹59.45 last year. Reported Earnings • Feb 14
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ₹7.19 (down from ₹14.81 in 3Q 2024). Revenue: ₹19.2b (down 4.2% from 3Q 2024). Net income: ₹980.9m (down 52% from 3Q 2024). Profit margin: 5.1% (down from 10% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Duyuru • Nov 16
Deepak Nitrite Limited Announces Resignation of Malay Kumar, Group Head - Projects (President) Deepak Nitrite Limited announced that Mr. Malay Kumar, Group Head - Projects (President) of the Company has resigned from his position with effect from close of business hours on 15th November, 2024 due to personal reasons. Reported Earnings • Nov 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ₹14.24 (down from ₹15.04 in 2Q 2024). Revenue: ₹20.5b (up 16% from 2Q 2024). Net income: ₹1.94b (down 5.3% from 2Q 2024). Profit margin: 9.5% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) also missed analyst estimates by 8.6%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 15
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.8% to ₹2,933. The fair value is estimated to be ₹2,385, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Sep 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ₹2,897. The fair value is estimated to be ₹2,382, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Aug 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to ₹2,901. The fair value is estimated to be ₹2,403, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Price Target Changed • Aug 09
Price target increased by 7.9% to ₹2,735 Up from ₹2,535, the current price target is an average from 15 analysts. New target price is 11% below last closing price of ₹3,076. Stock is up 48% over the past year. The company is forecast to post earnings per share of ₹66.38 for next year compared to ₹59.45 last year. Duyuru • Aug 07
Deepak Nitrite Limited Approves Dividend for the Year Ended March 31, 2024 Deepak Nitrite Limited approved dividend of INR 7.50 (Rupees Seven and Paisa Fifty only), being 375%, per equity share of face value of INR 2.00 (Rupees Two only) each for the Financial Year ended March 31,2024. Duyuru • Jul 18
Deepak Nitrite Limited to Report Q1, 2025 Results on Aug 05, 2024 Deepak Nitrite Limited announced that they will report Q1, 2025 results on Aug 05, 2024 Reported Earnings • Jul 18
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₹59.45 (down from ₹62.46 in FY 2023). Revenue: ₹76.8b (down 3.6% from FY 2023). Net income: ₹8.11b (down 4.8% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Declared Dividend • Jul 17
Dividend of ₹7.50 announced Dividend of ₹7.50 is the same as last year. Ex-date: 29th July 2024 Payment date: 5th September 2024 Dividend yield will be 0.3%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (13% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • May 22
Deepak Nitrite Limited (BSE:506401) agreed to acquire OXOC Chemicals Limited for INR 0.1 million. Deepak Nitrite Limited (BSE:506401) agreed to acquire OXOC Chemicals Limited for INR 0.1 million on May 20, 2024. The consideration consists of INR 0.1 million in cash. As part of the consideration, INR 0.1 million was paid towards common equity consisting of 0.01 million shares. The board of directors of Deepak Nitrite Limited approved the deal. The acquisition shall be completed by July 31, 2024. Reported Earnings • May 21
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₹59.45 (down from ₹62.46 in FY 2023). Revenue: ₹77.6b (down 2.7% from FY 2023). Net income: ₹8.11b (down 4.8% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Duyuru • May 09
Deepak Nitrite Limited to Report Q4, 2024 Results on May 20, 2024 Deepak Nitrite Limited announced that they will report Q4, 2024 results on May 20, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ₹14.81 (down from ₹15.33 in 3Q 2023). Revenue: ₹20.2b (flat on 3Q 2023). Net income: ₹2.02b (down 3.3% from 3Q 2023). Profit margin: 10.0% (in line with 3Q 2023). Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) missed analyst estimates by 6.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Duyuru • Jan 25
Deepak Nitrite Limited to Report Q3, 2024 Results on Feb 13, 2024 Deepak Nitrite Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Duyuru • Dec 19
Deepak Nitrite Limited Announces Resignation of Shabnam J. Gaitonde as Vice President - HR & Admin Deepak Nitrite Limited announced that Ms. Shabnam J. Gaitonde, Vice President - HR & Admin, of the Company (Senior Management employee) has decided to leave the Company due to her personal reasons and tendered her resignation from the position of Vice President - HR & Admin, with effect from close of business hours on 19th December, 2023. Duyuru • Nov 08
Deepak Nitrite Limited Appoints Shri Anant Pande as Chief Manufacturing Officer, Effective from 23 November, 2023 Deepak Nitrite Limited at its meeting held on 7th November 2023 approved the appointment of Shri Anant Pande as Chief Manufacturing Officer ("CMO") of the Company with effect from 23 November, 2023. Shri Anant Pande, aged 60 years, has done B.E. (Hons.) - Chemicat & M.Sc. (Hons.) - Chemistry from Birta Institute of Technotogy & Science, Pitani, Rajasthan. He has also completed Executive Diptoma in Management from Kirloskar Institute of Advanced Management Studies, Harihar, Karnataka, India. Shri Anant Pande has around 35 years of rich experience in life science chemicals and pharmaceutical companies in devetoping and implementing growth strategies. Shri Anant Pande was most recently associated with Dhampur Sugar Mitts Limited as the Chief Executive Officer. He was previously associated with Jubilant Life Sciences as Whote time Director & Chief of Operations. He has hetd teadership positions in vari companies such as Atut Limited & Manufacturine). Jubitan Sciences Limited (President - & Projects), Continental Carbon lndia Limited (Chief Executive - Operations), Indo Greefuel Private Limited (Chief Operating Officer) and also in Aditya Birla Group. Reported Earnings • Nov 08
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ₹15.04 (up from ₹12.79 in 2Q 2023). Revenue: ₹18.0b (down 8.5% from 2Q 2023). Net income: ₹2.05b (up 18% from 2Q 2023). Profit margin: 11% (up from 8.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) exceeded analyst estimates by 28%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Oct 17
Deepak Nitrite Limited to Report Q2, 2024 Results on Nov 07, 2023 Deepak Nitrite Limited announced that they will report Q2, 2024 results on Nov 07, 2023 Board Change • Sep 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. President of BI & Executive Director Girish Satarkar was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 20
Upcoming dividend of ₹7.50 per share at 0.4% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 03 September 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.9%). Duyuru • Jul 18
Deepak Nitrite Limited to Report Q1, 2024 Results on Aug 03, 2023 Deepak Nitrite Limited announced that they will report Q1, 2024 results on Aug 03, 2023 Reported Earnings • Jul 15
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: ₹62.46 (down from ₹78.20 in FY 2022). Revenue: ₹79.7b (up 17% from FY 2022). Net income: ₹8.52b (down 20% from FY 2022). Profit margin: 11% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 14
Deepak Nitrite Limited, Annual General Meeting, Aug 04, 2023 Deepak Nitrite Limited, Annual General Meeting, Aug 04, 2023, at 11:30 Indian Standard Time. Agenda: To receive, consider, approve and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2023, together with the Reports of the Board of Directors and the Auditors thereon; to receive, consider, approve and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023, together with Report of the Auditors thereon; and to consider other business matters. Duyuru • Jul 04
Deepak Nitrite Limited Announces Demise of Chimanlal K. Mehta, Chairman Emeritus and Founder Deepak Nitrite Limited announced demise of Shri Chimanlal K. Mehta - Chairman Emeritus & Founder. Shri C. K. Mehta envisioned in 1970 - more than 50 years ago, the dream for 'Make inIndia' - to set up a chemical plant based on indigenous technology at Vadodara, which led to incorporation of Deepak Nitrite Limited. He is credited with leading an able Board and laying the foundation of a strong professionally driven organization on principles of deep-rooted values and commitment to excellence and Responsible Chemistry. Even as the next generation leads the organization, he continued to provide the overall strategic business direction to Deepak Group. His aspiration to usher a social change inspired Deepak Group to look beyond business needs. He has been instrumental in initiating many CSR initiatives and in establishing Deepak Foundation that has in the last 40 years, since its inception, touched the lives of over 2 million people across the nation through grassroot work in areas of health, education, social welfare, disability and special need, skill building and livelihood. Duyuru • May 12
Deepak Nitrite Limited Recommends Dividend for the Year Ended March 31, 2023 Deepak Nitrite Limited at its board meeting held on May 11, 2023, recommended, for approval by the shareholders, a dividend of INR 7.50 being 375%, per equity share for the year ended March 31, 2023 on 13,63,93,041 equity shares of face value of INR 2 each. The dividend, if approved by shareholders at the upcoming Annual General Meeting will be paid within 30 days from the date of AGM. Reported Earnings • May 12
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: ₹62.47 (down from ₹78.20 in FY 2022). Revenue: ₹80.2b (up 18% from FY 2022). Net income: ₹8.52b (down 20% from FY 2022). Profit margin: 11% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Apr 05
Whole-Time Director recently bought ₹2.2m worth of stock On the 29th of March, Sanjay Upadhyay bought around 1k shares on-market at roughly ₹1,802 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth ₹15m. Insiders have collectively bought ₹22m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 03
Chairman & MD recently bought ₹4.5m worth of stock On the 27th of February, Deepak Mehta bought around 3k shares on-market at roughly ₹1,804 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Deepak's only on-market trade for the last 12 months. Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: ₹15.33 (vs ₹17.78 in 3Q 2022) Third quarter 2023 results: EPS: ₹15.33 (down from ₹17.78 in 3Q 2022). Revenue: ₹20.0b (up 16% from 3Q 2022). Net income: ₹2.09b (down 14% from 3Q 2022). Profit margin: 10% (down from 14% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jan 25
Deepak Nitrite Limited to Report Q3, 2023 Results on Feb 07, 2023 Deepak Nitrite Limited announced that they will report Q3, 2023 results on Feb 07, 2023 Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: ₹12.79 (vs ₹18.65 in 2Q 2022) Second quarter 2023 results: EPS: ₹12.79 (down from ₹18.65 in 2Q 2022). Revenue: ₹19.7b (up 17% from 2Q 2022). Net income: ₹1.74b (down 31% from 2Q 2022). Profit margin: 8.8% (down from 15% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 86% per year, which means it is tracking significantly ahead of earnings growth.