SPIC delivers superior performance in FY19 with 43% jump in PBT at Rs.53.34 cr. and 30.71% higher sales turnover at Rs. 2613 cr.
Eminent bureaucrat & former Chief Secretary, Tamil Nadu,
Shri. Debendranath Sarangi joins the board as an Independent Director
May 2019 Chennai / Mumbai:
Financials:SPIC, one of India’s pioneers and leading agri-nutrient and fertilizers company announced its annual audited results for the FY 2018-19, posting 30.71% increase in total income to Rs.2613.42 crore as compared to Rs.1999.38crore in the previous year and a 43.31% jump in PBT to Rs.53.34 crore in FY 2018-19 as against Rs.37.22crore in the previous financial year.
Quarterly and Annual Results: (Rs. Crore)
Profit before Tax
Profit after Tax
Appointment of New Independent Director
Shri Debendranath Sarangi, I.A.S. (Retd.) has joined the Board as Independent Director. An eminent bureaucrat who was the former Chief Secretary, Tamil Nadu and had held other senior positions in the State Government. Currently, he serves as an independent director in leading companies like Voltas and is the Chairman and Independent Director of Shriram City Union Finance.
Mr. Ashwin Muthiah, Chairman – SPIC&Founding Chairman, AM International, Singapore:
“SPIC’s superior performance reiterates our commitment and focus on providing farm and soil nutrient solutions relevant to India’s farmer and agri-community. The company’s focus on operational efficiency, brand building and serving newer markets in India has resulted in the healthy topline and bottom-line growth of the company.”
Welcoming Shri Sarangi to the Board, he said, “We look forward to strengthening the board through the presence of eminent and experienced people like Shri Sarangi. We are committed to having board members who provide guidance and wisdom to the executive leadership for the benefit of all the stakeholders and also as best corporate governance measure.”
Key Operational Highlights:
During the year, the company was able to conduct the operationalization of Direct Benefit Transfer Policy effectively. Close coordination with the trade and retailers helped in ensuring the end sales to farmers by the retailer is recorded smoothly to ensure that the company can get the subsidy released on time.
The industrial products division saw the highest ever sales, mainly of its three products, SPIC Gypsum, SPIC Silica, and SPIC ALF3(Aluminium Fluoride) during the year. This led to better performance and contribution from the division.