Chennai: Southern Petrochemical Industries Corporation Ltd (SPIC) on Friday said it has recorded standalone profits after tax at Rs 28.53 crore for the January-March 2020 quarter.

The city-based company had clocked standalone profits after tax at Rs 16.49 crore during the corresponding quarter previous year.

The standalone profits after tax for the year ending March 31, 2020 grew to Rs 56.94 crore from Rs 53.34 crore registered a year ago.

Total income for the quarter under review surged to Rs 521.55 crore from Rs 475.3 crore registered in the same period last year.

For the full year ending March 31, 2020 the standalone total income stood at Rs 2,089.64 crore as against Rs 2,613. 41 crore registered in the same period last fiscal.

On the COVID-19 impact on business, the company said timely measures by the government helped the industry retain momentum of production, distribution and sale of fertilizers.

The fertilizer industry would continue to face minimal disruption from the pandemic, the company said.

After a period of shut down for maintenance, the company’s plant resumed operations in April adhering to the government’s guidelines.

Commenting on the financial performance, chairman Ashwin Muthiah said, “our company continued its operations during the lockdown period while ensuring the health and safety of the employees”.

“With good monsoon and regular kharif crop sowing, I see minimal disruption and continued performance for the sector”, he said.

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