SPIC Q2 net plunges 59% to ₹45 cr. on rising input costs
The Hindu
SPIC's Q2 standalone net profit fell 59% to ₹45 crore due to rising input costs. Revenue rose to ₹744 crore. Chairman Ashwin Muthiah noted that input costs impacted margins, but the company is shifting to natural gas as a raw material. Urea production and sale were 1.75 and 1.88 lakh tonnes respectively, with a subsidy of ₹526 crore accounted for.
Southern Petrochemical Industries Corporation Ltd.’s (SPIC) standalone net profit for the September quarter contracted 59% to ₹45 crore from the year-earlier period due to rising input costs.
Revenue from operations increased to ₹744 crore from ₹708 crore, it said in a statement.
“We have marginally improved our topline inspite of various geopolitical and macroeconomic uncertainties. However, rising input costs have impacted our margins,” said Chairman Ashwin Muthiah, adding that the company was continuously moving towards ESG goals by gradually shifting to natural gas as a critical raw material input.
During the quarter, the plant operated for 89 days. Production and sale of urea were 1.75 lakh tonnes and 1.88 lakh tonnes respectively.
A subsidy of ₹526 crore had been accounted for based on the provisional retention price, as the final retention price had not been announced by the Department of Fertilizers.
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