Southern Petrochemical Industries Corporation Ltd.’s (SPIC) standalone net profit for the third quarter ended December jumped to ₹51 crore on higher sales and operational efficiency.
Revenue from operations increased 15% to ₹492 crore. Total expenditure rose to ₹19 crore to ₹446 crore, the company said in a regulatory filing.
SPIC’s urea plant operated for 91 days (89 days). It produced 1.88 lakh tonnes and sold 1.80 lakh tonnes of urea.
SPIC received a subsidy of ₹374 crore based on the provisional retention price, as the final retention price is yet to be announced by the fertilizer ministry.
On Monday, the board approved redemption of 12.50 lakh redeemable cumulative non-convertible preference shares of ₹100 each amounting to ₹12.50 crore, which are already due for redemption.
“In the future, cost optimisation and savings using green technology and natural energy focused raw material will be a strategic initiative. We are committed to partnering with the Indian farmer to enable higher yields, using scientific farming methods, including green agri-nutrients,” said chairman Ashwin Muthiah.
Shares of the company declined 7.03% to close at ₹48.95 on the BSE on Monday.
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