Companies

SPIC posts ₹28-cr net profit in Q1

Our Bureau Chennai | Updated on August 12, 2021

Agri-sector fastest to recover from Covid-19

Leading fertiliser manufacturer Southern Petrochemical Industries Corporation Ltd (SPIC) reported a net profit of ₹28 crore for the quarter ended June 30, when compared to a profit of ₹3 crore in the same quarter last year.

Total income was higher at ₹500 crore compared to ₹321 crore. During the June 2021 quarter, the company’s production and sale of urea were at 1.80 lakh tonnes and 1.78 lakh tonnes respectively.

The Covid-19 pandemic continues to heave uncertainty at the Indian economy. However, the agri-sector has seen a good comeback and demand is rising; as per government records, it was the only sector which registered growth in Q1FY22, according to a statement.

“SPIC has delivered healthy results despite the pandemic challenges. Going ahead, we hope to continue improving our performance through efficient operations. With a keen focus on sustainable production, we are committed to aiding Indian farmers with their growth and prosperity,” said Ashwin Muthiah, Chairman – SPIC & Founder Chairman, AM International, Singapore.

The company had started receiving natural gas from March 13 and had become a gas-based urea manufacturing unit.

Published on August 12, 2021

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