Southern Petrochemical Industries Corporation Limited (SPIC) on Wednesday posted an 85 per cent growth in its consolidated net profit for FY23 at ₹301 crore. The Chennai-based agri-nutrient and fertilizer company’s consolidated net profit for FY22 stood at ₹163 crore. 

Revenue from operations, on a consolidated basis, jumped 51 per cent year-on-year to ₹2,829 crore in the previous fiscal as against ₹1,875 crore in FY22. Of the same, revenues from agro inputs (urea operations) segment jumped to ₹2,721 crore during the previous fiscal from ₹1,851 crore in FY22. While revenues from “unallocated segment” went up to ₹126 crore from ₹36 crore during this period. 

On a quarterly basis, the consolidated net profit saw a five-fold increase during the fourth quarter at ₹25 crore (₹5 crore). However, on a sequential basis, the net profit during the latest quarter was down from ₹90 crore posted in Q3FY23. However, it is to be noted that the company had higher revenue from operations at ₹70 crore and a deferred tax credit of ₹16 crore during the preceding quarter. 

During Q4FY23, the revenue from operations more than doubled, on a year-on-year basis, to ₹672 crore (₹268 crore). Total expenditure also went up more than two times to ₹637 crore (₹277 crore) during the comparable period. Raw material cost is the major driver of the overall expenditure at ₹461 crore (₹201 crore). 

On a standalone basis, the company’s net profit for the full year stood at ₹284 crore during the previous fiscal against a net profit of ₹140 crore in FY22. In Q4FY23, SPIC’s net profit stood at ₹23.53 crore (₹7.67 crore).

Dividend declared

The company declared a dividend of ₹1.5 per equity share of ₹10 each (15 per cent) for the financial year 2022-23. Stock price of SPIC remained muted at ₹68.5 apiece on NSE. 

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