SPIC Reports 60.5% EBITDA Growth in Q1; Appoints New Director
Southern Petrochemical Industries Corporation Limited (SPIC) announced robust Q1 financial results. Revenue increased by 3.5% to ₹780.63 crores, EBITDA grew by 60.5% to ₹110.81 crores, and net profit rose by 13.5% to ₹58.27 crores. The company's urea plant operated for 91 days, producing 1.92 lakh MT of urea with sales of 1.86 lakh MT. SPIC appointed Thiru. V Dakshinamoorthy, IAS, as an Additional Director. The Board recommended a dividend of ₹2.00 per equity share, with September 16 set as the record date. The 54th Annual General Meeting is scheduled for September 23.
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Southern Petrochemical Industries Corporation Limited (SPIC) has announced robust financial results for the first quarter, demonstrating significant growth in key financial metrics. The company also made important corporate announcements, including the appointment of a new director and dividend recommendations.
Financial Performance
SPIC reported a strong financial performance for Q1:
| Metric | Q1 | Q1 Previous Year | YoY Change |
|---|---|---|---|
| Revenue | 780.63 | 754.34 | +3.5% |
| EBITDA | 110.81 | 69.03 | +60.5% |
| Net Profit | 58.27 | 51.35 | +13.5% |
| EPS | 2.86 | 2.52 | +13.5% |
The company's revenue from operations increased by 3.5% year-over-year to ₹780.63 crores. More impressively, EBITDA saw a substantial growth of 60.5%, reaching ₹110.81 crores compared to ₹69.03 crores in the same quarter last year. Net profit rose by 13.5% to ₹58.27 crores, resulting in an improved Earnings Per Share (EPS) of ₹2.86.
Operational Highlights
During the quarter, SPIC's urea plant operated for 91 days, producing 1.92 lakh MT of urea. The company successfully sold 1.86 lakh MT of urea in the same period, indicating strong demand for its products.
Corporate Developments
The Board of Directors made several key announcements:
New Director Appointment: Thiru. V Dakshinamoorthy, IAS, has been appointed as an Additional Director on the Board, effective August 14. Dakshinamoorthy, a 2007 batch IAS officer, currently serves as the Agricultural Production Commissioner and Principal Secretary in the Agriculture and Farmers Welfare Department of Tamil Nadu.
Annual General Meeting: The company's 54th Annual General Meeting (AGM) is scheduled for September 23, to be held via video conferencing.
Dividend Recommendation: The Board has recommended a dividend of ₹2.00 per equity share, subject to shareholder approval at the upcoming AGM.
Record Date: September 16 has been set as the record date for determining dividend eligibility.
Conclusion
SPIC's Q1 results demonstrate robust growth, particularly in EBITDA, indicating improved operational efficiency. The company's strong urea production and sales, coupled with strategic board appointments and shareholder-friendly dividend policies, position it well for continued success in the fertilizer sector.
Historical Stock Returns for Southern Petrochemical Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +8.05% | +31.92% | +33.58% | +38.92% | +24.99% | +406.89% |
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