By: ICN Bureau
Last updated : November 06, 2024 2:39 pm
This quarter’s performance reflects persistent macro-economic pressures, including rising raw material costs and competition from cheaper imports
Manali Petrochemicals Limited (MPL) has reported consolidated financial results for the period ended September 30, 2024.
MPL has posted net profit of Rs. 0.20 crores for the period ended September 30, 2024 as against net profit of Rs. 13.02 crores for the period ended June 30, 2024. The company posted net profit of Rs.10.86 crores for the period ended September 30, 2023.
MPL has reported total income of Rs. 236.01 crores during the period ended September 30, 2024 as compared to Rs. 246.78 crores during the period ended June 30, 2024. The company reported total income of Rs.278.52 crores during the period ended September 30, 2023.
For the Half Year ended Sept 30, 2024, MPL has reported total income of Rs. 482.79 crores as compared to Rs. 586.41 crores during the 6 months period ended September 30, 2023.
The company has posted net profit of Rs.13.22 crores for the 6 months period ended September 30, 2024 as against net profit of Rs. 14.97 crores for the 6 Months period ended September 30, 2023.
Ashwin Muthiah, Chairman of MPL and Founder Chairman of AM International, Singapore, commented: “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.”
R Chandrasekar, Managing Director of MPL, said: “The continued surge in import dumping from neighbouring countries has created challenging market dynamics. Our inability to pass on prices to our customers has further impacted our performance and margin. However, our overseas subsidiaries’ strong contributions underscore the potential for long-term growth and will help bolster our performance moving forward”.