Manali Petro Q2 consol net profit skids to ₹20 lakh

Manali Petrochemicals Chairman Ashwin Muthiah says that looking ahead, maintaining cost efficiencies and progressing on the expansion plans remain their top priorities.

Manali Petrochemicals Ltd.’s (MPL) consolidated net profit for the September quarter declined to ₹20 lakh from ₹11 crore in the year-earlier period due to dumping of imported materials at cheaper prices and increase in raw materials cost.

Revenue from operations declined to ₹230 crore from ₹270 crore, the petrochemicals manufacturer said in a statement.

“This quarter’s performance reflects persistent macro-economic pressures, including rising raw material costs and competition from cheaper imports. On a positive note, contributions from our overseas subsidiaries have supported our bottom line. Looking ahead, maintaining cost efficiencies and progressing on our expansion plans remain our top priorities,” said Chairman Ashwin Muthiah.

“Our overseas subsidiaries’ strong contributions underscore the potential for long-term growth and will help bolster our performance moving forward,” said Managing Director R. Chandrasekar.