Manali Petrochemicals Ltd share Price Today

Petrochemicals company Manali Petrochemicals announced Q4FY24 & FY24 results:

• During Q4FY24, revenue and profit after tax on consolidated basis was Rs 256.28 crore and Rs 1.3 crore, respectively.
• For FY24, revenue and profit after tax on consolidated basis was Rs 1,032.35 crore and Rs 19.21 crore, respectively.
• During the year, the company continued to get affected by the dumping of imported materials at cheaper prices and the increase in raw materials cost which have impacted our margins.
• Despite the temporary disruptions caused on account of Cyclone Michaung in the month of December 2023, the Company could maintain its top line at consolidated level this year.
• The Board of MPL has recommended a dividend of Rs 0.75 per share (15%) for FY24, subject to approval of the Members.

Ashwin Muthiah, Chairman of MPL and Founder Chairman of AM International, Singapore, commented: "Despite facing macro-economic challenges that impacted our margins, the company reported an improved topline in the last quarter, enabling us to maintain annual sales at a similar level to the previous year. Despite disruptions caused by a cyclone in December, we successfully resumed full-fledged operations, contributing to our Q4 sales. Our decision not to pass the price hike on to customers underscores our long-term relationship focus. The recent leadership changes demonstrate our commitment to steering the business in a professional manner. With the formation of the Indian subsidiary of our recent overseas acquisition, we are optimistic about enhancing our performance in the future with our high-margin, sustainable specialty chemicals business."

R Chandrasekar, Managing Director of MPL, commented: "MPL's performance, despite severe dumping pressure from neighboring countries and resulting margin challenges, underscores our commitment to remain competitive as per market demand. We've appealed to the government for better policies to protect domestic players, aiming to achieve a level playing field in the near future. As a team, we are prioritizing R&D and innovation, aligning with our commitment to manufacturing environmentally friendly products tailored to our clients' needs."

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