Manali Petrochemicals Limited (MPL), a leading petrochemical manufacturing company and part of AM International, Singapore Q3 FY23 total revenue on a standalone basis was down by 47.5% to reach Rs. 211.57 crore vis-a-vis Rs. 403.52 in Q3 FY22. 

 

Net profit for Q3 FY23 was Rs 64 lakh vis-a-vis Rs. 1.09 crore in Q3 FY22. For the nine months period revenue and profits were Rs. 785.24 crore and Rs 49.49 crore, respectively.

 

During the quarter, total revenue on consolidated basis was Rs. 244.20 crore and net profit Rs. 3.15 crore. For the nine months period revenue and profits were Rs. 866.38 crore and Rs. 51.11 crore, respectively.

 

With the continuing downtrends on global cues, sales and profitability continued to be under pressure during the above period.

 

Ashwin Muthiah, Chairman, MPL and Founder Chairman, AM International, Singapore said, "The company experienced a decline in performance during the quarter due to increased competition and the inability to raise prices for customers. However, the company intends to improve its performance, particularly its margins, through its acquisition of Penn-White in the UK."

 

Ravi, MD, MPL and CEO - Petrochemicals Division, AM International Group said, "The company's performance continued to be affected by a downtrend in the economy impelled by global events since the start of this year. As a result, though sales volume could be maintained compared to last quarter, margins had been falling with the continued increase in input costs and steep reduction in selling prices. Nevertheless, revenue generated from specialty products is quite encouraging, thanks to the new business units acquired in the UK, as part of our strategy to improve our performance. We will continue to take all other possible steps in the coming quarters."