SPIC reports standalone Q4 net proft up 142%

: Agri-nutrient and fertiliser company Southern Petrochemical Industries Corporation Ltd (SPIC) has recorded a 142 per cent jump in its net profit for the January-March 2019 quarter at Rs 16.49 crore.

The city-based company made a net profit of Rs 6.79 crore the same period last year.

Net profit after tax for the year ending March 2019 was Rs 53.34 crore against Rs 37.22 crore registered last year.

Total income for the January-March quarter grew to Rs 475.35 crore from Rs 399 crore last year.

Total income for the year ending March, 2019 grew to Rs 2,613.41 crore from Rs 1,999.37 crore last year.

SPIC chairman and Singapore-based AM International founding-chairman Ashwin Muthiah said in a press release that SPIC's superior performance reiterates its commitment and focus on providing farm and soil nutrient solutions relevant to the farmer and agri-community in the country.

The company's focus on operational efficiency, brand- building and serving newer markets in India resulted in the healthy topline and bottom-line growth, he said.

The industrial products division witnessed the highest- ever sales of its three products, SPIC Gypsum, SPIC Silica and SPIC ALF3 (aluminium fluoride) during the year, a press release said.

It led to better performance and contribution from the division, the release said.

The company said former IAS officer Debendranath Sarangi has joined the board as an independent director.

"We look forward to strengthening the board through the presence of eminent and experienced people like Sarangi," Muthiah said.