Southern Petrochemicals Industries Corporation Ltd. (SPIC) Friday, August 9, 2019 12:20PM IST (6:50AM GMT)   (BSE:590030)(NSE:SPIC) SPIC Delivers Steady Performance in Q1FY20 With Sales of INR 554 Crore and a PAT of INR 14.60 Crore Profit after tax (PAT) grew by 27 times y-o-y   Chennai, Tamil Nadu, Mumbai, Maharashtra, India Southern Petrochemicals Industries Corporation Limited (SPIC), one of India’s pioneers and leading agri-nutrient and fertilizers companies, today announced a robust profitability performance in the first quarter  

 
  • Performance reflects streamlined inventory management and more efficient business processes.
Financials:

Southern Petrochemicals Industries Corporation Limited (SPIC), one of India’s pioneers and leading agri-nutrient and fertilizers companies, today announced a robust profitability performance in the first quarter. Its profits after tax (PAT) registered a year-on-year increase of 27 times to INR 1,460.65 lakh as compared to a net loss of INR 54.93 lakh in the corresponding period last year.

                                                                                                                                             (In INR Lakh)

Particulars Q1FY20 Q1FY19 Variance (%)
Revenues 55,422.28 57,481.12 -4%
EBITDA 3385.38 1262.21 168%
PAT 1,460.65 (54.93) 2759%
EPS 0.59 0.07 743%

 
Revenues during the quarter stood at INR 55,422.28 lakh in Q1FY20 as compared to INR 57,481.12 lakh in Q1FY19. At INR 55,351.88 lakh, the urea segment was the highest revenue grosser during the quarter.

Leadership Comment:

Mr. Ashwin Muthiah, Chairman – SPIC & Founding Chairman, AM International group, Singapore:
“The company’s profitability performance in the quarter is reflective of streamlined inventory management and efficient logistics. Even though our revenues have witnessed a marginal downturn, I am confident that the sales will pick up pace in the ensuing quarters. This company’s bottom-line in the quarter is reflective of our focus on profitable growth. Our products add to the ease of farming by improving the quality of soil, providing nitrogen to crops and enhancing the quantity of yield. We expect the segment’s growth momentum to accelerate further with the government’s push to the agriculture sector in Budget 2019.


About Southern Petrochemicals Industries Corporation Limited (SPIC)
 
Founded in 1969, SPIC over the last four 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.

  Media Contact Details

Udaya Kumar,
Ketchum Sampark,
, udaya.kumar@ketchumsampark.com