Paradeep Phosphates has reported a loss of Rs 119.41 crore during the quarter ended on June 30, 2023. Revenue from operations rose 25% at Rs 3,054 crore during the quarter under review compared to the corresponding quarter previous year. Total expenses in the April-to-June quarter increased 36% to Rs  3,232 crore.

Q1 FY 24 EBIDTA and PBT were adversely impacted by retrospective subsidy adjustment, the company added in its regulatory filing.

Commenting on the results, S Krishnan, MD, Paradeep Phosphates said the company witnessed strong Q1 performance with record production and sales volumes for FY24. “We have recorded strong production and sales volumes in Q1 FY 24. Both the sites have produced optimally. The Paradeep site in Q1 FY 24 has produced 3,53,020 MT of finished fertilizers up by 32% compared to Q1 last year. Our Goa site has operated at close to full utilization levels in Q1 and has produced unique grades like N-19, N-24 in addition to our core products," said Krishnan.

"We confirm that the expansion in our phosphoric acid capacity to 5 lakh metric tons at our Paradeep site is completed effective 1st August 23 and the benefits of this backward integration are expected to accrue from Q2 FY 24 onwards. The industy outlook looks good with recent revival of monsoon, healthy reservoir levels, higher crop prices vis a vis MSPs and normalization of global commodity prices. With these tailwinds and our robust capabilities across supply-side, manufacturing and pan-India distribution, we are focussed on capturing the maximum value and translating it for our shareholders in FY 24,” Krishnan added.