SPIC Q2 Profit Rises 74% to Rs 61 Cr

Mumbai, Nov 14 (PTI) Southern Petrochemical Industries Corporation (SPIC) on Friday said its consolidated net profit rose 74 per cent to Rs 61.22 crore in the September quarter, driven by strong operational performance.

The chemical and fertiliser maker had posted a net profit of Rs 35.17 crore in the same period last fiscal year.

The company's total income during the July-September period rose to Rs 842.82 crore from Rs 761.22 crore in the year-ago period, a growth of 11 per cent, SPIC said in a stock exchange filing.

Revenue from operations grew nearly 8 per cent to Rs 817.29 crore.

For the first half of the current fiscal year, SPIC's consolidated net profit increased 31 per cent to Rs 127.92 crore, compared with Rs 97.72 crore in the same period last year.

Total income in the April-September period stood at Rs 1,640.97 crore.

"The buoyant quarterly results reflect the company's continued commitment to serving the Indian farmer community while maintaining operational efficiency. The increase in turnover and significant improvement in profitability compared to the corresponding quarter last year demonstrate disciplined execution and a focus on profitable growth," said Ashwin Muthiah, Chairman of SPIC.

On a standalone basis, the company reported a 71 per cent increase in net profit at Rs 53.1 crore for the quarter, compared with Rs 31.01 crore in the year-ago period.

For the first half of the current fiscal year, standalone net profit rose 35 per cent to Rs 111.37 crore from Rs 82.36 crore in the corresponding period last year.