Southern petrochemical Industries Corpn. Ltd. (SPIC) reported Q3 standalone net revenue contracted year-on-year by 67% to ₹28 crore on account of a rise in international raw-material costs and the latest cyclone.
Income from operations declined to ₹504 crore from ₹696 crore, stated the fertiliser producer in an announcement.
The Urea plant was in operation for 74 days. Spic produced and bought 1.45 lakh tonne and 1.46 lakh tonne of urea respectively. It obtained a subsidy of ₹406 crore based mostly on the provisional Retention Price (RP).
Due to the floods, the Tuticorin plant suffered lack of uncooked materials stock, work in progress, completed items and shops and spares amounting to ₹19 crore.
“The devastating cyclone and subsequent plant damage in Tuticorin led to a complete stoppage of work for a few weeks; however, the plant has restarted. Moving towards natural gas usage will rationalize input costs,” stated Chairman Ashwin Muthiah.
He additionally stated the corporate confronted sure challenges, together with uncooked materials and value volatility in international fertilizer markets.
