Manali Petrochemicals Ltd.
Q3FY23 Quarterly Result Announced for Manali Petrochemicals Ltd.
Manali Petrochemicals announced Q3FY23 results:
- Standalone Q3FY23 & 9MFY23:
- During the quarter, total revenue was Rs 211.57 crore and net profit Rs 64 lakh.
- 9MFY23 revenue and profits were Rs 785.24 crore & Rs 49.49 crore respectively.
- Consolidated Q3FY23 & 9MFY23:
- During the quarter, total revenue was Rs 244.20 crore and net profit Rs 3.15 crore.
- 9MFY23 revenue and profits were Rs 866.38 crore & Rs 51.11 crore respectively.
Ashwin Muthiah, Chairman, MPL and Founder Chairman, AM International, Singapore, said: "The company experienced a decline in performance during the quarter due to increased competition and the inability to raise prices for customers. However, the company intends to improve its performance, particularly its margins, through its acquisition of Penn-White in the UK."
Ravi, MD of MPL and CEO, Petrochemicals Division of AM International Group, said: "The company's performance continued to be affected by a downtrend in the economy impelled by global events since the start of this year. As a result, though sales volume could be maintained compared to last quarter, margins had been falling with the continued increase in input costs and steep reduction in selling prices. Nevertheless, revenue generated from speciality products is quite encouraging, thanks to the new business units acquired in the UK, as part of our strategy to improve our performance. We will continue to take all other possible steps in the coming quarters.