Southern Petrochemical Industries Corporation Ltd. (SPIC) standalone net profit for Q1 FY22 has risen by tenfold to ₹28 crore.
Revenue from operations rose 56% to ₹499 crore. SPIC produced and sold urea of 1.80 lakh tonnes and 1.78 lakh tonnes respectively. It operated for 80 days against 70 days in the year-earlier period, it said in a regulatory filing.
Since March 13, SPIC has started using natural gas as a feed stock instead of naphtha and hence it was eligible for higher fiscal incentives in the form of subsidy income on account of stricter higher energy norms for the next five years. The subsidy for this quarter is ₹381 crore.
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“We have delivered healthy results despite the pandemic challenges. With a keen focus on sustainable production, we are committed to partner with farmers in their growth and prosperity,” said Ashwin Muthiah, chairman.