Southern Petrochemical Industries Corporation Ltd. (SPIC), one of India’s pioneering agri-nutrient and fertiliser companies, has registered Q2 FY 2022-23 income of Rs. 712.23 crore and net profit of Rs. 108.88 crore, as compared to an income of Rs. 619.90 crore and net profit of Rs. 53.64 crore during the corresponding quarter of the previous FY 22.

The revenue from operations of Rs. 708.06 crore was about 15 % more than the corresponding quarter of FY 22 of Rs. 615.50 crore.

Ashwin Muthiah, Chairman, SPIC & Founder Chairman, AM International, Singapore said, “The healthy topline and robust bottomline numbers signify the success of our efforts to create sustained and tangible value for India’s farming community. Our profitability amid a challenging macroeconomic environment, is testimony to the successful alignment of our corporate strategy with market demand. Moving forward, we will continue to maximize value-creation for our stakeholders through world-class innovation, infrastructure upgradation and community outreach programmes. I wish to congratulate the team for its relentless contibution towards SPIC’s stellar performance in the last quarter.”

With the announcement of the Rabi season fertilizer subsidy, the subsidy amount for FY23 is Rs. 2.25 lakh crore. It is to be noted that the subsidy is the highest ever amount for one year allotted by the Government and will significantly contribute to the affordability and accessibility of fertilizers amid the volatile macroeconomic scenario.

The announcement of the Government's 'One Nation, One Fertilizer’ scheme is an essential step in enhancing India's agri-productivity and food security. The scheme will help address some of the industry's most pressing challenges by standardizing fertilizer quality, reducing supply chain challenges and ensuring ready access to agri-nutrients.

SPIC commends the various initiatives undertaken by the Government to develop the fertilizer sector. We are proud to contribute meaningfully to the prosperity of India's agriculture community.