Manali Petrochemical (MPL) dropped 10.32% to Rs 83.90 after the company's consolidated net profit tumbled to Rs 90 crore in Q2 FY23 from Rs 117.28 crore in Q2 FY22.
Revenues during the quarter decreased 34.5% year on year to Rs 268.08 crore. Profit before tax in Q2 FY23 stood at Rs 16.69 crore, steeply lower than Rs 157.53 crore posted in Q1 FY22.EBITDA slipped 85.38% to Rs 23.96 crore in the second quarter as against Rs 163.83 crore in the same period previous year.
Ashwin Muthiah, chairman at MPL and founder chairman of AM International, Singapore said: In spite of the current macro-uncertainty, our robust business model will help us navigate the challenges successfully. Further, the recent clearance from the Ministry of Environment, Forest, and Climate Change, Government of India, for the PG expansion project is a significant, much-awaited development. Together, these factors will enable us to create continued value for our entire stakeholder value chain.
Ravi, MD of MPL and CEO, Petrochemicals division of AM International Group said that the downtrend in economy impelled by global events continued to affect the performance, which is being experienced since the last quarter of the previous year. Though sales volume could be maintained, product prices had been falling on the one hand and the input costs going up on the other, wearing down the margins. All possible steps are being taken to improve the performance, he added.
Meanwhile, the board of directors approved proposal for investment in AMCHEM Speciality Chemicals, Singapore, a wholly owned subsidiary of the company, upto $35 million in one or more tranches, for funding its overseas acquisition plans.
Further, the company's board has appointed R Chandrasekar as the wholetime director & CFO, for a period of three years effective from 3 November 2022, subject to approval of the members. He has nearly 35 years of experience in finance, accounts, audit, taxation, legal & secretarial functions in diverse segments such as engineering consultancy, EPC & construction, manufacturing, mining, etc.
Manali Petrochemicals is a petrochemical manufacturer based in Chennai, India. It markets propylene glycol and polyols.
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