Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore, clocked total revenue was Rs. 267.22 crore and net profits Rs. 11.71 crore for Q2FY22-23. For the six months period revenue and profits were Rs. 573.67 crore and Rs. 48.85 crore, respectively.

With the downtrends continuing on global cues, sales and profitability continued to be under pressure during the above period.

Ashwin Muthiah, Chairman – MPL and Founder Chairman, AM International, Singapore said: MPL’s performance during the quarter reflects the ongoing volatility at the macroeconomic level. In spite of the current macro-uncertainty, our robust business model will help us navigate the challenges successfully. Further, the recent clearance from the Ministry of Environment, Forest, and Climate Change, Government of India, for the PG expansion project is a significant, much-awaited development. Together, these factors will enable us to create continued value for our entire stakeholder value chain.”

Ravi, MD of MPL and CEO, Petrochemicals Division of AM International Group said that the downtrend in economy impelled by global events continue to affect the performance, which is being experienced since the last quarter of the previous year. Though sales volume could be maintained, product prices had been falling on the one hand and the input costs going up on the other, wearing down the margins. All possible steps are being taken to improve the performance, he added.