Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore has announced revenue of Rs. 404 crore, up 22% higher than Rs. 330 crore in the corresponding period of last year.
The EBITDA for the period was Rs. 154 crore and profit (PAT) of Rs. 109 crore against Rs. 84 crore showing a growth of 30%.
During the nine months the total revenue was Rs. 1,094 crore, 1.83 times of Rs. 598 crore in the corresponding period of FY21. PBT and PAT registered 3-fold growth during this period, signifying better price realizations.
As part of expansion of Notedome UK operations, the Board has approved a proposal for setting up a new entity in Germany through AMCHEM, Singapore. The Board has also approved various CSR initiatives for Rs. 2.69 crore, which aim to provide basic sanitation and safe drinking water to the government schools, set up one more Primary Health Care Clinic, conduct programmes for creating health and hygiene awareness among the locals, and the like in and around Manali.
Ashwin Muthiah, Chairman, MPL and Founder Chairman, AM International, Singapore said, "MPL's science and R&D led approach, along with customer centricity, is a prime reason for its sustained performance in such challenging market conditions. The results show that the company has strengthened its market leadership and bettered its financial performance even during tough times. I commend the team for its tireless efforts to grow its market leadership despite natural vagaries. As we start to operate alongside the pandemic, employee health and safety remains a priority."
We will continue our CSR programs around our plants that benefit the poor and marginalized in line with our group's social ethos, added Muthiah.
Ravi, MD, MPL and CEO - Petrochemicals Division, AM International Group said, "The product prices started to soften towards the end of the quarter. The trend may continue in the next quarter, and the Company is gearing up to tackle this challenge."
