Tamilnadu Petroproducts Limited (TPL), a chemicals manufacturing company, reported profit before tax (PT) of Rs 3.27 crore in the quarter ended March 31 compared to Rs 17.04 crore a year ago. Total income dropped to Rs 263.40 crore from Rs 334.13 crore.
The downturn was attributed to the annual turnaround undertaken during the quarter and zore sales in the last week of March 2020 when the company was locked down to contain the coronavirus, said the company.
Ashwin Muthiah, vice Chairman of TPL and founder chairman of AM International, Singapore, said that business performance is getting redefined in a post-Covid world.
"In such uncertain times, the TPL team has ensured the safety and health of our workforce and continued to serve the customers in the best possible manner. We were able to overcome the pandemic challenges with minimum disruption. However, it has impacted our business performance. I am confident of getting back to normal operations and improving our performance in the future," he said.
The operations of the plants were shut down from March 25, 2020 to comply with the Government of India order for complete lockdown in all parts of India to contain the spread of Covid-19 virus. It has impacted normal business operations of the company. The units started operating in phases from the second week of April 2020, duly following the government guidelines, said the company.
During the year ended March 2020, the company registered a turnover of Rs 1,233.21 crore as compared to Rs 1,252.29 crore reported for the corresponding last year. During the year, in spite of sales being marginally lower, the company's net profit grew to Rs 55.08 crore as compared to Rs 54.27 crore in the previous fiscal.