PPL (NYSE:PPL), a leading fertilizer company, has reported a significant surge in its net profit for the second quarter of the fiscal year 2023-24. The company's net profit shot up by 76.25%, reaching Rs 89.43 crore, a substantial increase from Rs 50.74 crore recorded in the same quarter of the previous fiscal year.
This increase in profits comes despite inadequate rainfall during the period. PPL's total income also rose to Rs 3,683.02 crore during the July-September quarter of the current financial year, up from Rs 2,863.69 crore in the corresponding period last year.
The company's Managing Director, S Krishnan, attributed this performance to a shift towards market realizations following decreased subsidy rates. He further noted that rising expenses of Rs 3,573.64 crore were a result of normalized raw material prices.
In addition to these financial milestones, PPL also reported a significant uptick in its production and sales volumes. Fertilizer production and sales increased by 25% and 78% respectively, further boosting the company's performance during the quarter.
Adding to this positive news for PPL is the successful operation of its expanded phosphoric acid plant at Paradeep, which is now running at full capacity. This operational success is likely to contribute positively to the company's future financial performance.
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