Tamilnadu Petroproducts profits more than doubles in FY 20-21

During the last quarter of the year, on a gross revenue of Rs. 352.55 crore the operating profit were Rs. 74.19 crore and net profit of Rs 62.73 crore

Tamilnadu Petroproducts Limited (TPL), Chennai based petrochemical manufacturing company and part of AM International,  Singapore, announced that during FY20-21, profit more than doubled to reach Rs. 121.65 crore vis-a-vis Rs. 55.08 crore in FY 19-20. 

TPL earned Rs. 1,155.37 crore revenue compared to Rs. 1,233.21 crore during FY 19-20. During the last quarter of the year, on a gross revenue of Rs. 352.55 crore the operating profits were Rs. 74.19 crore and net profits of Rs 62.73 crore.

The Board of TPL has recommended a higher dividend of 25% for FY20-21 (15% in the previous year) subject to approval of members.

Ashwin Muthiah, Vice Chairman, TPL and Founder Chairman, AM International, Singapore said, "The pandemic has impacted economic activities on a global scale. In these times TPL, in spite of the challenges, has performed well and with resilience. Having registered substantial growth through value addition in the second half of the year, it has doubled its profitability. I wish to congratulate the team for its performance in a tough environment and we wiII continue our progress in a sustainable and efficient manner. Safety and health of our employees, partners and customers would remain a top priority."

Ravi, CEO, Petrochemicals Division of AM Group said, "The impediments in material movements across the globe coupled with the market conditions curtailed the imports into India, rewarding TPL with the deserved value additions, which were denied for long due to dumping of materials into the country."