Southern Petrochemical Industries Corporation Ltd (SPIC) has posted a 29 per cent drop in its consolidated net profit for the first quarter at ₹51 crore. The Chennai-based agri-nutrient and fertilizer company’s consolidated net profit for the same quarter of the previous fiscal stood at ₹72 crore.

Consolidated revenue from operations declined by 24 per cent year-on-year to ₹569 crore (₹751 crore) in Q1FY24. Total expenses of the company dropped to ₹502 crore (₹686 crore) during the comparable period. 

Ashwin Muthiah, Chairman, SPIC and Founder Chairman, AM International, Singapore, said, the company during the quarter has navigated through a dip in turnover while successfully safeguarding the profit after tax as compared to the corresponding period of the previous year. 

“In the face of rising global energy prices, we are focusing on continually enhancing cost and operational efficiencies,” he added. 

standalone basis

On a standalone basis, the company’s net profit declined by 34 per cent to ₹44 crore during the latest quarter while revenue from operations was down to ₹569 crore as compared to ₹751 crore in the same quarter of the previous fiscal. 

The company also announced that its board has approved a fund raising of ₹50 crore through issuance of non-convertible bonds at a coupon rate of 11.25 per cent per annum. 

SPIC also appointed  C Samayamoorthy, a 2002 batch IAS Officer, as a nominee Director of representing Tamilnadu Industrial Development Corporation Limited (TIDCO). He is currently the Agricultural Production Commissioner and Secretary, Agriculture and Farmers Welfare Department. Earlier, he has served as the transport secretary to Tamil Nadu government.

Shares of SPIC ended flat at ₹64.20 on NSE on Friday. 

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