Business EconomyPosted at: Aug 6 2024 5:40PM


Manali Petro profit jumps 216 pc in Q1

Chennai, Aug 5 (UNI) Manali Petrochemicals Limited (MPL), a leading part of AM International, Singapore, turned out a robust performance marked by substantial profit growth and stable revenue in the first quarter ended June 30, 2024.
The company reported a consolidated PAT of Rs. 13.02 crore for the quarter, marking a substantial year-on-year (YoY) growth of 216 % compared to Rs. 4.11 crore in the same period last year.
While the company witnessed a decline in total income to Rs. 246.76 crore compared to Rs. 307.89 crore in Q1FY24, the overall revenue performance demonstrates resilience in a challenging market environment, a press release here said.
During the quarter under review, the continued dumping of imported materials coupled with rising raw materials prices affected our margin. Although the revenue during the quarter maintained at same level in line with previous quarter on consolidated basis, the profit has significantly improved on account of the synergies, cost effective measures and other strategies adopted at the group level, thanks to our two overseas operating entities, Mr. Ashwin Muthiah, Chairman of MPL and Founder Chairman of AM International, Singapore, said.
"Despite facing severe pricing pressures due to external factors beyond our control, our profitability has increased manifold while maintaining similar sales as last quarter. Moving forward, our focus will be on enhancing and protecting our bottom line through continuous operational efficiency and leveraging synergies from our international subsidiaries. The encouraging performance of our overseas subsidiaries positions us to introduce their products and services to local markets. Amid ongoing geopolitical conflicts and tensions, we remain cautiously optimistic about our future", he said.
The company said Ms. Latha Ramanathan was appointed as an Additional Director under Independent Director Category for a period of five years with effect from August 5, 2024 subject
to the approval of the members of the Company.
Mr. G Chellakrishna and Ms. Sashikala Srikanth will retire as Independent Directors of the Company on the close of business hours on August 12, 2024, consequent to completion of their second term of office as Independent Directors of the Company.

The 38th Annual General Meeting of the Company is scheduled to be held on Wednesday, September 18, 2024.
As informed earlier, the Board at the Meeting held on May 13, 2024 had recommended a dividend of Rs. 0.75 per equity share of Rs. 5/- each, fully paid-up, [15%] subject to the approval of the Members at the aforesaid AGM. Upon approval by the shareholders at the 38th AGM, the said dividend will be paid within 30 days from that date.
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