Paradeep Phosphates has declared an income of Rs 2,435 crore from operations for the first quarter of 2022-2023 fiscal, up by 85 per cent as compared to the corresponding period of the previous year.

The earnings before interest, taxes, depreciation, and amortisation was Rs 167 crore, an increase of 56 per cent as compared to Rs 107 crore during the same quarter of the last financial year, according to a release by the Bhubaneswar-headquartered firm on Wednesday.

The profit after tax rose to Rs 63 crore, rising by 5 per cent as compared to Rs 60 crore during the same period in the last financial year.

The total fertiliser produced was 283,624 tonnes as against 227,785 tonnes in Q1 of the 2021-22 fiscal, when the revenue from operations was Rs 1,316 crore.

Managing director S Krishnan said the performance in the June quarter was impacted due to the various acquisition-related costs, such as stamp duty and the start-up costs of the urea-ammonia operations.

“During the first quarter, we have added significant capacities through organic as well as inorganic routes,” Krishnan added.

Paradeep Phosphates is one of India’s largest private sector phosphatic players, having a customer base of approximately 8.1 million farmers across 17 states.

It has a total capacity of close to 2.85 MT, out of which 0.4 MT is urea and the rest is phosphates. The company has two large manufacturing facilities – one in Paradeep in Odisha’s Jagatsinghpur district and another at Zuarinagar, Goa.

In May, Paradeep Phosphates successfully completed the Rs 1500-crore initial public offering and used part of the proceeds to complete the acquisition of the 1.2-million-tonne (MT) fertiliser plant at Goa. PTI HMB RG

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