CHENNAI : Agri-input and fertilizer company Southern Petrochemical Industries Corporation’s (SPIC) profit nearly halves to Rs 46 crore in the December quarter, dropping 45.37% from Rs 85 crore in the same period last year.
Earnings per share for the quarter stood at Rs 1.53 from Rs 4.04 in the corresponding period last year. During the current quarter, the company registered an income of Rs 520 crores, a 20% decline of as compared to an income of Rs 707 crore.
The company’s revenue from operations at Rs 506 crore was about 27% less than the corresponding quarter of FY 23 at Rs 699 crore.
The company highlighted persistent challenges, including raw material and price volatility in global fertilizer markets.
Moving towards natural gas usage will rationalize input costs, Ashwin Muthiah, Chairman of SPIC said. “We remain committed to ESG initiatives for environment-friendly production and aligned with the government’s ‘One Nation One Fertilizer’ mandate, empowering Indian farmers.”
The results show a dip due to global raw material price increases and the recent natural calamity, he added.