Manali Petrochemicals Ltd posts revenue of Rs. 204.75 crore in Q3 FY23-24

Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore, announced its Financial Results for the Third Quarter FY24 today.

Financials:

During the quarter ended 31st December 2023, revenue and profit on consolidated basis was Rs. 204.75 and Rs. 2.94 crore as against Rs. 237.70 crore and Rs. 3.15 crore for the corresponding quarter of the previous year, respectively.

The continued dumping of imported materials at cheaper prices and the increase in raw materials cost have impacted our margins for this quarter in addition to the temporary disruptions caused on account of Cyclone Michaung in the month of December 2023 and operations started in a phased manner during December 2023 and entire operations started in mid of January 2024.

Mr. Ashwin Muthiah, Chairman - MPL and Founder Chairman, AM International, Singapore commented: MPL faced a challenging period in the third quarter marked by pricing constraints and a natural disaster. 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. I commend our team for their efforts in minimizing downtime and swiftly restoring operations despite the significant challenges posed by this calamity. We have ensured all customer agreements are met in spite of such challenges.

Mr. R Chandrasekar, WTD & CFO of MPL said: We encountered one of its most severe natural disasters when Cyclone Michaung disrupted our operations in December 2023. Our team's continuous efforts and core engineering capabilities have helped us to resume our operations at short span than expected. 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.

Shares of Manali Petrochemicals Limited was last trading in BSE at Rs. 73.63 as compared to the previous close of Rs. 77.36. The total number of shares traded during the day was 102952 in over 980 trades.

The stock hit an intraday high of Rs. 78.91 and intraday low of 72.72. The net turnover during the day was Rs. 7704538.00.

Source : Equity Bulls

Keywords

ManaliPetrochemicals INE201A01024 Q3FY24 9MFY24 ResultUpdate