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SPIC posts 3qtr PAT at Rs 4.83 crore

Press Trust of India  |  Chennai 

: Southern Petrochemical Industries Corporation Ltd (SPIC) on Wednesday said it clocked Profits After Tax for the third quarter ending December 31, 2019 at Rs 4.83 crore.

The city-based agri-nutrient and fertiliser company hadrecorded PAT at Rs 21.09 crore in the corresponding quarter of the previous year.

Revenues for the quarter under review was Rs 383.69 crore against Rs 689.15 crore in the same period last fiscal.

The company in a statement attributed the variance in performance to refurbishement of the urea plant during which operations were affected.

"The refurbishment of the urea plant was a part of the management's efforts to increase the competitiveness. These will pave the foundation for greater efficiency and productivity", SPIC Chairman Ashwin Muthiah said.

"I am confident that SPIC's financial performance will pick up following the refurbishment", he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 12 2020. 22:22 IST
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