Tamilnadu Petroproducts Ltd., Vice Chairman and AM International Singapore Founder Chairman Ashwin Muthiah says that they encountered challenges in Q3 due to the cyclone, leading to disruptions in manufacturing activities and loss of plant & machinery.
Tamilnadu Petroproducts Ltd. (TPL) reported a dip in its standalone Q3 net profit year-on-year to ₹2 crore from ₹25 crore due to shutdown of plants on account of cyclone.
Revenue from operations slid to ₹345 crore from ₹511 crore, the manufacturer of petrochemical said in a statement.
TPL’s linear alkyl benzene and heavy chemicals division/propylene oxide operations were shut for 28 days and 18 days, respectively, due to above mentioned natural catastrophe. TPL incurred ₹14 crore towards material damage suffered and plant restoration activities, which has been recognised as an exceptional item, the company said.
“In the quarter, we encountered challenges due to the cyclone, leading to disruptions in our manufacturing activities and loss of plant & machinery. Despite these obstacles, we have successfully restored our operations, minimising disruptions to our customer delivery schedule,” said Vice Chairman Ashwin Muthiah.
