SPIC Ltd reports PAT for October-December quarter at Rs 85.18 crore

Southern Petrochemicals Industries Corporation Ltd (SPIC) an agri-nutrient and fertiliser company has reported profit after tax for the Oct-Dec '22 quarter at Rs 85.18 crore, the company said on Saturday.

The flagship firm of Singapore-based AM International had registered a profit after tax at Rs 51.43 crore in the corresponding quarter of last year.

For the nine month period ending December 31, 2022, the PAT stood at Rs 260.91 crore.

The total income during the quarter under review went up to Rs 707.82 crore from Rs 497.78 crore registered in same period of last year. For the nine month period ending December 31, 2022, the total income was at Rs 2,173.11 crore.

"The good quarterly performance of SPIC despite ongoing macro-economic challenges showcases the company's unwavering focus on sales, operations and profitability," company chairman Ashwin Muthiah said.

The company has benefitted from a good sowing season and stable support prices, he said.

"Our efforts to adopt green technologies and natural gas as raw materials are reducing operational costs and aligning with our larger environmental, social and governance goals," he said.