Leading fertiliser manufacturer Southern Petrochemical Industries Corporation Ltd (SPIC) reported a significant rise in net profit at ₹67 crore for the quarter ended June 30, compared with a profit of ₹28 crore in the year-ago quarter. 

Total income grew 51 per cent to ₹753 crore (₹500 crore). During the June quarter, the company’s production and sale of urea were at 1.95 lakh tonnes and 1.90 lakh tonnes respectively. 

“The company’s robust performance demonstrates our ability to deliver good financial results amid a challenging macro-economic environment. Additionally, it is proof of the resilience and agility of our business model. On the strength of these positive results, we will continue to play our part in enabling India’s self-sufficiency in fertiliser production,” said Ashwin Muthiah, Chairman of SPIC.

Since the beginning of 2022, fertiliser prices in India have increased by almost 30 per cent. Amid the volatile macroeconomic scenario, fertilizer shortage continues to be a cause of concern. Taking cognisance of the challenges faced by the farmers, last month, the government announced its intention of making India self-sufficient in producing conventional urea and nano liquid urea fertilizers by 2025.

As a result, about 60 lakh tonnes of production capacity will be added for conventional urea, while the output of nano urea is estimated to rise to 44 crore bottles (of 500 ml each) annually until 2025. This will be equivalent to 200 lakh tonnes of conventional urea at the end of the three years, according to a statement.