Leading fertilizer manufacturer Southern Petrochemical Industries Corporation Ltd (SPIC) has reported a drop in net profit of ₹31 crore for the quarter ended September 30, 2024, when compared with a profit of ₹45 crore in the year-ago quarter.
Profit from operations before exceptional items and tax stood at ₹48 crore as against ₹71 crore. However, it total income grew to ₹761 crore as compared to ₹747.5 crore.
During the September 2024 quarter, the production and sale of urea of the company were 1.60 lakh tonnes and 1.66 lakh tonnes respectively.
“SPIC’s financial performance this quarter underscores steady growth, with an increase in quarterly turnover. Despite a challenging economic landscape, SPIC has sustained operational strength,” Ashwin Muthiah, Chairman -SPIC & Founder Chairman, AM International, Singapore said.
For the half-year period ended September 30, 2024, the company net profit was lower at ₹82 crore when compared with ₹89 crore in H1 of FY24. Total income was higher at ₹1518 crore as against ₹1319 crore.