Chennai, Nov 11 (PTI) Southern Petrochemical Industries Corporation Ltd (SPIC) has recorded Rs 53.64 crore profit after tax for the quarter ending September 30, 2021, the company said on Thursday.

The city-based agri-nutrient and fertiliser company had registered a profit after tax at Rs 4.09 crore during the corresponding quarter previous year.

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Profit after tax for the period April 2020 to March 2021 was Rs 51.85 crore.

Total income for the quarter under review grew to Rs 616.90 crore from Rs 432.89 crore registered in the same period of last year.

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For the period April 2020 to March 2021 total income stood at Rs 1,555.59 crore, the company said.

In a statement, the company said due to increased prices of key raw materials in international markets, the domestic fertiliser industry was facing headwinds leading to a supply shortage for farmers.

"With adequate monsoon, the government alongside fertilizer manufacturers is ensuring proper supply for the upcoming rabi season, though few regional pockets may face short supply on an intermittent basis", the company said.

Commenting on the financial performance, SPIC Chairman Ashwin Muthiah said, "the robust quarterly performance signifies SPIC's continuous focus on supporting the farmer community, duly aligned with the government's fertilizer policy".

"A healthy topline and a significant improvement in the bottomline is due to the company's ability to serve market demand despite pandemic impediments," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)