Agro-Chemicals Fertilizers

SPIC reported a net profit of ₹28 crores for the Q1 ended June 30, 2021

"SPIC"

Synopsis

SPIC registered a net profit of ₹28 crores for Q1, 2021. Total income increased to ₹500 crores from ₹321 crores. We are committed to assisting Indian farmers in their growth and prosperity, with an eager commitment to sustainable production.

Southern Petrochemical Industries Corporation Ltd (SPIC), a leading fertilizer manufacturer, reported a net profit of ₹28 crores for the quarter ended June 30, compared to a profit of ₹3 crores in the same quarter last year.

Total income increased to ₹500 crores from ₹321 crores. During the June 2021 quarter, the company produced and sold 1.80 lakh tonnes of urea, totaling 1.78 lakh tonnes.

Also Read: ICRA predicts that global fertilizer prices will rise as China suspends exports

The Covid-19 pandemic continues to wreak havoc on the Indian economy. However, the agri-sector has made a strong comeback, and demand is increasing; according to government records, it was the only sector that grew in Q1FY22, according to a statement.

‘Despite the pandemic challenges, SPIC has produced positive results. In the future, we hope to improve our performance through more efficient operations. We are committed to assisting Indian farmers in their growth and prosperity, with an eager commitment to sustainable production,’ said Ashwin Muthiah, Chairman – SPIC & Founder Chairman, AM International, Singapore.

Since March 13, the company has been receiving natural gas and has become a gas-based urea manufacturing unit.

Also Read: Fertiliser Ministry increased purchasing limit for subsidized fertilizers

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