Posts INR 37.14 crore of Net Profits in the first quarter of FY 2223
Chennai / Mumbai:
Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore, announced its quarterly results for Q1FY22-23 today.
Financials:
During the quarter total revenue was INR 306.46 crore, about 8% higher than
INR 282.96 crore in the previous year. Owing to 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
AGM
The Board of MPL has decided to hold the 36th Annual General Meeting on
28th September 2022 through Video Conferencing/Other Audio-Visual Means.
CSR
The Board approved various CSR initiatives of INR 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 Centers would be set up which is aimed to extend primary health services to more villages.
Leadership Comment:
Mr. 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.”
Mr. Ravi, MD of MPL and CEO, Petrochemicals Division of AM International Group said that 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, stage for which was set towards the end of the preceding quarter. Due to the global conditions, mainly the Russia-Ukraine stand-off and 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.
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