Manali Petrochemicals Ltd, a leading petrochemical manufacturing company and part of AM International, Singapore, announced its Quarterly and Annual Audited financial results for the Q4 and YE FY23 recently. During the quarter ended March 31, 2023, revenue on a standalone basis was INR 266 crore and net profits were INR 1.33 crore. For the year ended March 31, 2023, revenue and profits were INR 1033 crore and INR 51 crore, respectively. During the quarter ended March 31, 2023, revenue on a consolidated basis was INR 334 crore, with a net loss of INR 0.45 crore. For the year ended March 31, 2023, revenue and profits were INR 1181 crore and INR 50.67 crore, respectively. With the continuing downtrends on global cues, sales and profitability continued to be under pressure during the above period. The board of the company has recommended a dividend of INR 0.75 per share (15 percent) for FY 22-23, subject to the approval of the members.

Against this backdrop, Ashwin Muthiah, Chairman, Manali Petrochemicals Ltd, and Founder Chairman, AM International, Singapore, stated, “The company’s performance has got affected by the global macroeconomic situation as higher raw material costs and the inability to pass on the increase to the customers has impacted the bottomline. However, we are looking at improving our operational efficiencies and focusing on margin improvements.”

To this, Ravi, MD, Manali Petrochemicals Ltd, and CEO, Petrochemicals Division, AM International Group, added, “Our recent acquisitions will see the introduction of green technology in India and Asian markets, which will enhance our customer offerings in a value-added manner. The performance got affected due to the continuous increase in input costs and global southward volatility in selling prices.”

For more information: www.manalipetro.com