Ashwin Muthiah
| Photo Credit: Special arrangement
Manali Petrochemicals Ltd (MPL) posted consolidated net profit of ₹1.3 crore for the quarter ended March against a loss of ₹46 lakh.
Revenue from operations contracted to ₹256 crore from ₹334 crore. The result included one-time exceptional expenditure of ₹5.54 crore towards unspent corporate social responsibility obligations for the earlier years, the petrochemicals manufacturer said in a statement.
Despite facing macro-economic challenges, MPL reported an improved topline in the last quarter, enabling it to maintain annual sales at a similar level to the previous year, said Chairman Ashwin Muthiah.
He also said during the year the MPL’s margin got impacted due to dumping of imported materials at cheaper prices and increase in raw material cost.
“With the formation of the Indian subsidiary of our recent overseas acquisition, we are optimistic about enhancing our performance in the future with our high-margin, sustainable specialty chemicals business,” he said.
On May 13, R. Chandrasekar, Whole Time Director & CFO was re-designated and appointed as Managing Director with immediate effect for a period of three years. DGM (Finance) K. Lalitha was elevated as CFO and G.R. Sridhar wasappointed as Whole Time Director (Operations).
Mr. Chandrasekar said they had appealed to the government for better policies to protect domestic players.
The board recommended a dividend of 75 paise per equity share.
