Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore, announced its Quarterly and Annual Audited financial results for the Q4 & YE FY23.

During the quarter ended 31st March 2023, revenue on standalone basis was Rs. 266 crore and Net Profits INR 1.33 crore. For the year ended 31st March 2023, revenue and profits were Rs. 1033 crore & Rs. 51 crore, respectively.

During the quarter ended 31st March 2023, revenue on consolidated basis was Rs. 334 crore and Net Loss of Rs. 0.45 crore. For the year ended 31st March 2023, revenue and profits were Rs. 1181 crore & INR 50.67 crore, respectively.

With the continuing downtrends on global cues, sales and profitability continued to be under pressure during the above period. The Board of MPL has recommended a dividend of Rs.0.75 per share (15%) for FY22-23, subject to approval of the Members.

Ashwin Muthiah, Chairman, MPL and Founder Chairman, AM International, Singapore said: “The company’s performance has got affected by the global macroeconomic situation as higher raw material costs and the inability to pass on the increase to the customers has impacted the bottomline. However, we are looking at improving our operational efficiencies and focusing on margin improvements.”

Ravi, MD of MPL and CEO, Petrochemicals Division of AM International Group said: “Our recent acquisitions will see the introduction of green technology in India and Asian markets which will enhance our customer offerings in a value-added manner. The performance got affected due to the continuous increase in input costs and global southward volatility in selling prices.”