Paradeep Phosphates Q2 profit down 71 pc to Rs 51 cr

NEW DELHI: Paradeep Phosphates Ltd's consolidated net profit declined 71 per cent to Rs 51.10 crore in the quarter ended September 2022 on higher expenses.

Its net profit stood at Rs 175.19 crore in the year-ago period.

Total income, however, rose to Rs 2,869.81 crore in the quarter from Rs 1,937.61 crore in the corresponding period of previous year, according to a regulatory filing.

Paradeep Phosphates produces a wide range of phosphatic grades including DAP, N-10, N-12, N-14, N-19, N-20 and N-28. The company’s Goa plant also produces urea.

It is also a major supplier of various industrial products like phospho gypsum, Zypmite, Hydrofluorosilicic Acid (HFSA) and sulphuric acid.

In May 2022, the company successfully completed a Rs 1,500 crore initial public offering (IPO) and used part of the proceeds to complete the acquisition of the 1.2 million tonne fertilizer plant in Goa.

It has a total capacity of 3 million tonne, of which 0.4 million tonne is urea and the remaining 2.6 million tonne is phosphatic fertilisers. The company has two manufacturing facilities, one at Paradeep in Odisha and another at Zuarinagar, Goa.