Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore, reported Q1 FY23 of Rs. 306.46 crore, about 8% higher revenue than previous year revenue of Rs. 282.96 crore.

Profit After Tax (PAT) was down in Q1 FY23 to Rs. 37.14 crore from Rs. 76.10 crore in Q1 FY22.     

Owing to the changed market scenario and the resultant lower prices, though total income was higher by 8% compared to the corresponding quarter of the previous year, sales and profitability during the period had been lower.

The Board of MPL has approved various CSR initiatives of Rs. 4.37 crore for primary health care and health/hygiene awareness creation programmes in and around Manali. Under the proposal, in addition to the existing Primary Health Care Clinic in operation, which during the past year has had a footfall of about 12,000 patients, five more centres would be set up which are aimed to extend primary health services to more villages.

Ashwin Muthiah, Chairman, MPL and Founder Chairman, AM International, Singapore said, "MPL's positive performance against a backdrop of continued macroeconomic volatility demonstrates the solidity of its business model. The company's financials have been affected by both raw material price hikes and lower demand due to competition from imports. As we advance, I am confident that our efforts towards eco-friendly production will enhance our value creation efforts for all stakeholders."

Ravi, MD, MPL and CEO, Petrochemicals Division of AM International Group said, "After a couple of years of historically best performances, the first quarter of the new Financial year has been affected by lower demand and increased imports. Besides lower volume of sales, the prices have been witnessing a downtrend, a stage for which was set towards the end of the preceding quarter. Due to the global conditions, mainly the Russia-Ukraine stand-offand Chinese lockdowns, input costs have also been going up. So, the performance of MPL has not been as good as it was earlier. The management is monitoring the situation closely, and all required actions are taken to sustain the performance."