Manali Petrochemicals' net profit in Apr-Sep drops to Rs 13.22 cr

Manali Petrochemicals Ltd on Tuesday reported a consolidated profit after tax of Rs 13.22 crore for the six-month period ending September 30, 2024. The city-headquartered petrochemical manufacturer had registered a profit after tax of Rs 14.97 crore during the corresponding period last year.

For the year ending March 31, 2024, the profit after tax was Rs 19.21 crore.

In a statement, the company said that revenue and margins continued to be affected mainly due to the dumping of imported materials at cheaper prices, coupled with rising raw material costs.

"Although the company has suffered a loss on a standalone basis for reasons beyond its control, the continued operational performance of the overseas subsidiaries helped the company achieve a positive position on a consolidated basis during the quarter under review," the company stated.

The total income for the six-month period ending September 30, 2024, stood at Rs 482.79 crore, compared to Rs 586.41 crore for the year-ago period. For the year ending March 31, 2024, total income was Rs 1,061.51 crore.

"This quarter's performance (July-September 2024) reflects persistent macroeconomic 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," said Manali Petrochemicals Ltd chairman Ashwin Muthiah.

"Looking ahead, maintaining cost efficiencies and progressing on our expansion plans remain our top priorities," he added.