SPIC Q3 Results: Net profit of ₹35 crore, revenue up 62%

Leading fertilizer manufacturer Southern Petrochemical Industries Corporation Ltd (SPIC) has reported a standalone profit after tax of ₹35 crore for the quarter ended December 31, 2024, when compared with ₹28 crore in the year-ago quarter.

Profit before tax stood at ₹55 crore against ₹47 crore. The revenue from operations at ₹818.04 crore was about 62 per cent higher than the corresponding quarter of FY24 at ₹506.40 crore. Its total income stood at ₹823 crore as compared to ₹519 crore.

During the December 2024 quarter, the company’s production and sale of urea were 1.94 lakh tonnes and 1.86 lakh tonnes respectively.

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Geopolitical situation

During the quarter, the fertilizer industry witnessed challenges in the supply of imported DAP fertilizers and raw materials owing to the prevalent geopolitical situation at the Red Sea. Consequently, shipments were rerouted via the Cape of Good Hope, resulting in longer voyage times and higher freight costs. The delay and shortage in the supply of DAP imports led to price volatility, the company said.

Revenue growth

“In Q3FY25, we achieved significant revenue growth and improved profitability compared to the same period of the previous year. This performance reflects our focus on cost and operational efficiencies, savings from transitioning to natural gas as a raw material, and customer-centric marketing efforts,” Ashwin Muthiah, Chairman -SPIC & Founder Chairman, AM International, Singapore said.

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For the 9-month period ended December 31, 2024, the company posted a net profit of ₹118 crore when compared with ₹117 crore in the same period previous fiscal. Total income was higher at ₹2,341 crore as against ₹1,962 crore.