By: ICN Bureau
Last updated : November 08, 2023 8:42 am
The continued dumping of imported materials at cheaper prices and increase in raw materials cost have impacted margins
Manali Petrochemicals Limited (MPL) has reported Q2 FY24 consolidated revenue of Rs. 270 crore as against revenue of Rs. 301 crore for the previous quarter ended 30th June 2023 and achieved a net profit of Rs. 10.86 crore for the current quarter as against a net profit of Rs. 4.12 crore last quarter.
The continued dumping of imported materials at cheaper prices and increase in raw materials cost have impacted our margins though we could maintain the sales at the same level as compared to last quarter and this performance is in line with our pre-Covid level.
Ashwin Muthiah, Chairman, commented: "The quarterly performance saw a decrease in our top-line but a substantial increase in our bottom line. Ongoing global challenges due to escalating raw material prices linked to geopolitical risks continue to impact us. Nevertheless, this quarter saw our efforts to better our margins. We remain focussed on improving operational efficiencies with a careful balance between high-margin specialty chemical products and volume-oriented chemicals to drive our future success."
R Chandrasekar, WTD & CFO of MPL said: “In the quarter, we saw margin enhancements due to reduced operating costs. The better results of our high-margin specialty chemical business, coupled with the successful performance of our overseas subsidiaries, is a promising development. We are focussing on driving research and development alongside growth in our speciality business.