Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore, announced its unaudited financial results for the quarter ended June 30, 2024.

During the quarter ended 30th June 2024, the total income and profit after tax on consolidated basis was Rs. 246 crore and Rs. 13 crore, respectively as against the previous quarter of Rs.262 crore and Rs. 1.30 crore.

During the quarter under review, the continued dumping of imported materials coupled with rising raw materials prices affected our margin. Although the revenue during the quarter maintained at the same level in line with the previous quarter on a consolidated basis, the profit has significantly improved on account of the synergies, cost effective measures and other strategies adopted at the group level, thanks to our two overseas operating entities.

Ashwin Muthiah, Chairman of MPL and Founder Chairman of AM International, Singapore, commented: "Despite facing severe pricing pressures due to external factors beyond our control, our profitability has increased manifold while maintaining similar sales as last quarter. Moving forward, our focus will be on enhancing and protecting our bottom line through continuous operational efficiency and leveraging synergies from our international subsidiaries. The encouraging performance of our overseas subsidiaries positions us to introduce their products and services to local markets. Amid ongoing geopolitical conflicts and tensions, we remain cautiously optimistic about our future."

R. Chandrasekar, Managing Director, MPL, commented: “Our quarterly performance, with improved profitability despite a slight dip in sales, clearly demonstrates the effectiveness of our cost management and operational synergies. While India faces severe dumping pressures affecting the industry, we are hopeful for substantial policy-level remedial measures to protect local manufacturers. Concurrently, our UK subsidiaries are performing well and significantly contributing to our bottom line. Moving forward, we will continue to safeguard our market share through superior R&D and strategic product and solutions development.”