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SPIC announces Q3FY20 results:Company registers revenues of INR 383.69crore and PAT of INR 4.83crore

SPIC announces Q3FY20 results

Company registers revenues of INR 383.69crore and PAT of INR 4.83crore

13thFebruary 2020, Chennai / Mumbai: Southern Petrochemical Industries Corporation Limited (SPIC), one of India’s pioneers and leading agri-nutrient and fertilizer companies today announced its results for the quarter ending December 2019

Financials:

The Company recorded revenues of INR 383.69crore while its profit after tax(PAT) was
INR4.83crore. In the corresponding quarter of FY19, the Company accrued revenues of INR 689.15crore while its PAT was INR 21.09crore.

                                                                         (In INR Crore)

Particulars Q3FY20 Q3FY19 Year Ended 31.03.19 Year to Date FY20 (Q1+Q2+Q3)
Revenues 383.69 689.15 2613.41 1568.10
PAT 4.83 21.09 53.34 28.41
EPS (INR) 0.14 0.99 2.07 1.36

 

The variance in performance is attributed to the refurbishment of the Company’s urea plantduring which the operations were affected. The plant was functional for 57 days during the previous quarter. It commenced operations from 3rd November 2019 onwards after the completion of the planned plant maintenance. In the previous year’s corresponding quarter, the plant was operational for 89 days.

Company highlights:

During the last few months, SPIC has received multiple awards from industry bodies. These include:

  • Star Award at the Occupational Health, Safety and Environment Awards 2018 from the National Safety Council (Tamil Nadu Chapter) in appreciation of the Company’s commitment to safety, health and environment.

 

  • Recognition as a Top Importer of the Custom House at Tuticorin for FY 2018-19on the occasion of the International Customs Day, 2020.

 

  • Award for Excellence as Business Support Partner in Traffic Performance 2018-19 by the V.O Chidambaranar Port Trust, Tuticorin.

 

  • Industrial Appreciation Award for the year 2017-18 by the Indian Chamber of Commerce & Industry, Thoothukudi.

Leadership Comment:

Mr. AshwinMuthiah, Chairman – SPIC&Founding Chairman, AM International, Singapore:

“The refurbishment of the urea plant was a part of the management’s efforts to increase the competitiveness of the business. These will pave the foundation for greater efficiency and productivity of operations. I am confident that SPIC’s financial performance will pick up following the refurbishment.

Also, I congratulate the team on the multiple recognitions received from various industry bodies during the last few months. These are reflective of our sustained efforts to create value for the entire stakeholder ecosystem whilst remaining committed to safety.”

About Southern Petrochemical Industries Corporation Limited (SPIC)www.spic.in

Founded in 1969, SPIC over the last five decades has served the Indian farmer’s
agri-productivity needs with scientific rigour and environmentally friendly products. One of India’s first petrochemicals Company with a focus on fertilizers, today it is amongst the most recalled agri-brands in rural India trusted by the Indian farmer. It continues with its mission to empower Indian farmers and agriculturists with products that not only increase farm productivity and yield but simultaneously replenishes the soil health.  With a state-of-the-art modern fertilizer complex producing 6.2 lakh tons of Neem Coated Urea, the Company is a torch-bearer in India’s progress towards national farm productivity and food sufficiency.

 

 

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