Southern Petrochemical Industries Corporation (SPIC}, one of India's pioneering agri-nutrient and fertilizer companies, has announced Q3 FY22-23 revenues of Rs. 707.82 crore and PAT (Profit After Tax) of Rs. 85.18 crore. 

 

During the current quarter of FY23, the company registered an income of Rs. 707.82 crore, and net profit of Rs 85.18 crore as compared to an income of Rs. 497.78 crore, and net profit of Rs. 51.43 crore during the corresponding quarter of the previous FY22. The revenue from operations at Rs. 698.62 crore was about 41.85% more than the corresponding quarter of FY 22 at Rs. 492.49 crore.

 

Ashwin Muthiah, Chairman, SPIC & Founder Chairman, AM International, Singapore said, "The good quarterly performance of SPIC despite ongoing macroeconomic challenges showcases the company's unwavering focus on sales, operations, and profitability. The company has benefitted from a good sowing season and stable support prices. Our efforts to adopt green technologies and natural gas as raw materials are reducing operational costs and aligning with our larger environmental, social, and governance (ESG) goals."

 

"We are proud to be the first manufacturer in Tamil Nadu to offer fertilizers under the 'One Nation, One Fertilizer' initiative. We are poised to support the Indian government's green and nano soil and crop nutrient policies. At the same time, we remain dedicated to driving our corporate social responsibility (CSR} programs in and around our manufacturing sites. Our efforts have a more significant impact on improving the lives of local communities and fostering societal change," added Muthiah. 

 

The 2023 Union Budget has introduced several key measures to boost the agricultural sector, including reforms such as the PM-PRANAM program and the Agriculture Accelerator Fund. These initiatives will drive growth within the agriculture ecosystem. Additionally, to establish India as a global center for millets, the Indian Institute of Millet Research will be supported in sharing best practices, research, and technologies internationally. 

 

However, global macroeconomic challenges such as supply-side constraints, recessionary trends, geopolitical conflicts, and trade restrictions continue to impact the industry. SPIC offers a comprehensive range of fertilizers that are suitable for the cultivation of millets and other crops. Our cutting-edge research and innovation capabilities give us a competitive advantage in optimizing these opportunities.