Southern Petrochemical Industries Corporation Ltd. (SPIC) posted a 103 per cent growth in second quarter net profit at ₹108.88 crore against a net profit of ₹53.64 crore for the same quarter of the previous fiscal.
The Chennai-based agri-nutrient and fertiliser company’s total income during the July-September quarter went up by 15 per cent to ₹712.23 crore (₹619.9 crore).
In its industry overview, the company said the announcement of the Rabi season fertiliser subsidy by the Centre to the tune of ₹2.25 lakh crore for FY23 is the highest ever amount allotted for a single year and it will significantly contribute to the affordability and accessibility of fertilisers amid the volatile macroeconomic scenario.