Manali Petrochemicals reports consolidated Q3 PAT at Rs 110.09 crore

: Petrochemical manufacturing company Manali Petrochemicals Ltd has reported consolidated profit after tax for the quarter ending December 31, 2021 at Rs 110.09 crore, the company said on Thursday.

The city-based company and part of AM International, Singapore, had registered consolidated net at Rs 86 crore during corresponding quarter previous year.

Revenues during the quarter under review on a consolidated basis, stood at Rs 494.16 crore as compared to Rs 356 crore registered same period last fiscal.

The research and development led approach along with customer focus, was the prime reason for the sustained performance of Manali Petrochemicals Ltd in a challenging market conditions, company chairman Ashwin Muthiah said.

"The results show that the company has strengthened its market leadership and bettered its financial performance even during tough times. I commend the team for its tireless efforts to grow its market leadership despite natural vagaries," he said.

Manali Petrochemicals Ltd said, as part of the expansion of Notedome UK operations, the Board has approved a proposal for setting up a new entity in Germany through AMCHEM, Singapore. The Board also approved various CSR initiatives for Rs 2.69 crore, which aim to provide basic sanitation and safe drinking water to the government schools, set up primary health care clinic among other initiatives.

Manali Petrochemicals Ltd, MD, Ravi said the product prices started to soften towards the end of the quarter (ending December 31, 2021). "The trend may continue in the next quarter, and the company is gearing up to tackle this challenge," he said.