Leading fertiliser manufacturer Southern Petrochemical Industries Corporation Ltd (SPIC) reported a significant dipl in net profit at ₹7.67 crore for the quarter ended March 31, 2022 compared with ₹42.49 crore in the year-ago quarter, amid drop in revenue.
Total income was lower at ₹284.47 crore (₹372.26 crore). Operating profit stood at ₹7.67 crore (₹37.27 crore), according to a statement.
For the year ended March 31, 2022, the company recorded net profit of ₹140.43 crore compared to ₹51.85 crore in FY21. Operating profit was at ₹140.43 crore compared with ₹46.62 crore in 2020-21. It earned total income of ₹1,898.31 crore. (₹1,555.59 crore).
“The last year was a milestone year for SPIC. The company entered a new growth era as we moved to natural gas-based operations and power generation from the floating solar power plant. Besides making our operations environment-friendly, these measures positively impacted our operational efficiencies and margins and created value for the entire stakeholder ecosystem. As a result, our performance and profitability have improved significantly during the year,” Ashwin Muthiah, Chairman – SPIC & Founder Chairman, AM International, Singapore.
The company announced a dividend of 5 per cent.