Manali Petrochemicals Ltd has reported a dip in its consolidated profit after tax for the October-December 2023 quarter at Rs 2.94 crore, due to a continuous rise in the cost of raw materials.
The Chennai-based petrochemicals manufacturing company registered a consolidated profit after tax at Rs 3.15 crore, during the corresponding quarter of last year. The consolidated net profits for the April-December 2023 period slipped to Rs 17.91 crore, as compared to Rs 51.11 crore registered a year ago.
Total income on a consolidated basis during the quarter under review stood at Rs 212.47 crore, as against Rs 244.20 crore registered in the same period of last fiscal. The consolidated total income for the nine months ending December 31, 2023, declined to Rs 798.88 crore from Rs 866.37 crore registered during the corresponding period of the last financial year.
"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 December 2023 and entire operations started in mid-January 2024," the company said in a statement.
Manali Petrochemicals Ltd Chairman Ashwin Muthiah said: "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."
"I commend our team for their efforts in minimizing downtime and swiftly restoring operations despite the significant challenges posed by the calamity. We have ensured all customer agreements are met in spite of such challenges," Muthiah also the Founder-Chairman, AM International, Singapore said.
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