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Deepak Fertilisers |
Strong performance of chemical segment continues |
BUY
CMP: Rs 157 Target Price: Rs 250
n Q3FY11 APAT at Rs 446 mn (+28%yoy) was in line with estimates. APAT is adjusted for asset restructuring cost
n Chemical EBIT margins at 30% were driven by higher chemical prices - Methanol prices up 40% qoq, IPA and TAN also remain strong
n Fertiliser margins at 3% were adversely affected due to lower raw material availability
n Maintain healthy outlook on chemical segment margins in the near future. New TAN plant to drive revenues / profits in FY12. Reiterate BUY