The Chennai-based petrochemical manufacturer, Manali Petrochemicals Ltd, has posted its standalone net profit at ₹11.71 crores (after tax) for the quarter two ending 30th September 2022, respectively.
Manali Petrochemicals Ltd, established in 1986 markets polyols and propylene Glycol, which is a part of the Singapore-based AM International, reported on Wednesday of its standalone Profit After Tax (PAT) of ₹119.62 crores in the same quarter of the last year. The standalone revenue during the quarter was at ₹267.22 crores, as compared to ₹407.80 crores registered during the same period last fiscal.
Ravi, MD of Manali Petrochemicals, said the downward trend in the economy influenced by global events continued to impact the performance, as reflected since the last quarter of the previous fiscal. He added further that the product prices fell on one hand, while the input costs rising steadily— contributed to the wearing of the margins.
MPL Chairman, Ashwin Muthiah, said, “MPL’s performance during the quarter reflects the ongoing volatility at the macroeconomic level. Despite the current macro-uncertainty, our robust business model will help us navigate the challenges successfully.”