Petrochemical manufacturing company Manali Petrochemicals Ltd reported an after-tax (PAT) autonomous profit of Rs 11.71 crore for the second quarter ending September 30, 2022, the company said on Wednesday.
The Singapore-based company, part of AM International, had reported a standalone PAT at Rs 119.62 crore in the corresponding quarter of the previous year.
Own-source revenue during the quarter under review amounted to Rs 267.22 crore, compared to Rs 407.80 crore recorded during the same period of the previous financial year.
“With the downward trends continuing on global signals, sales and profitability continued to be under pressure during the aforementioned period,” the company said in a statement here.
Manali Petrochemicals Ltd MD Ravi said the downward trend in the economy caused by global events continues to affect performance, which has been occurring since the last quarter of the previous year.
Although sales volume could be maintained, product prices fell on the one hand and input costs rose on the other, depleting margins, he said.
The Company’s Board of Directors has approved proposals to invest in its wholly-owned subsidiary, AMCHEM Specialty Chemicals Pvt Ltd, Singapore, up to US$35 million in one or more tranches to fund its acquisition plans to l ‘foreign.
“MPL’s performance during the quarter reflects continued volatility at the macro level. Despite the current macro uncertainty, our robust business model will help us navigate the challenges successfully,” said MPL Chairman Ashwin Muthiah.
“Recent approval from the Ministry of Environment, Forests and Climate Change for the PG expansion project is an important and much anticipated development. Together, these factors will enable us to create continued value for our entire value chain,” he said. .
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