Manali Petrochemicals Chairman Ashwin Muthiah says that their company performance was affected by uncontrolled cheap imports and natural disaster.
Manali Petrochemicals Ltd. (MPL) reported Q3 standalone net loss of ₹4 crore against net profit of ₹63 lakh in the year earlier period due to pricing constraints and natural disaster.
Revenue from operations slid to ₹155 crore from ₹205 crore, the petrochemicals manufacturer said in a statement.
“The continuous rise in input costs has posed a persistent challenge, impacting our bottom line. The impact of the cyclone resulted in a shutdown of operations, leading to revenue loss,” said Chairman Ashwin Muthiah.
“Our margin continued to get affected by the uncontrolled cheap imports from neighbouring nations, compounded by rising raw material prices. Despite these, we could maintain the sales level and improve our results on consolidated basis, thanks to our two overseas operating entities. We will continue to enhance operational efficiency and productivity as essential measures to mitigate costs,” said CFO R. Chandrasekhar.
