SPIC reports decline in Q1 PAT at Rs 43.97 cr due to global energy prices

Southern Petrochemicals Industries Corporation Ltd (SPIC) has reported a decline in its profit after tax for the April-June 2023 quarter at Rs 43.97 crore, due to rising global energy prices, the company said on Sunday.

The city-based agri-nutrient and fertiliser company, a part of AM International, Singapore had reported profit after tax of Rs 66.85 crore during the corresponding quarter of the previous year.

For the year ending March 31, 2023, the company's profit after tax stood at Rs 284.44 crore, a statement released by the company said.

Commenting on the company's financial performance, SPIC Chairman Ashwin Muthiah said, "The company during the quarter has navigated through a dip in turnover while successfully safeguarding the PAT, as compared to the corresponding period of the previous year, in the face of rising global energy prices."

Total income during the quarter under review slipped to Rs 571.19 crore from Rs 753.07 crore recorded in the corresponding period of last year.

For the full year ending March 31, 2023 the total income was at Rs 2,849.45 crore.

"We are focusing on continually enhancing cost and operational efficiencies," said Muthiah, also the Chairman of AM International, Singapore.

On industry overview, the company said the domestic market demonstrated its resilience and adaptability despite evolving challenges.

The industry remained steadfast in its commitment to bolstering agricultural productivity and food security despite certain fluctuations in demand and supply, the statement said.

The industry's collaborative approach continues to contribute significantly to the nation's agricultural self-sufficiency goals, ensuring a prosperous and resilient future for Indian agriculture, the statement added.