Tamilnadu Petroproducts Ltd (TPL), Chennai based petrochemical manufacturing company and part of AM International, Singapore, recently announced its annual results for FY2023. During FY 22-23, TPL’s revenue improved by 19 percent compared to the previous financial year. The company earned INR 2169.50 crore in revenue as compared to INR 1818.37 crore during FY 21-22. Net profits registered at INR 89.31 crore as compared to INR 170.64 crore in FY 21-22. During the last quarter of the year, on gross revenue of INR 486.93 crore, operating profits were INR 20.52 crore and net profits were INR 12.93 crore. The operating performance reflects a contribution due to TPL’s good product mix amidst intense competition from cheaper imports and higher energy and input costs. The Board of TPL has recommended a dividend of INR 1.50 per share (15 percent) for FY 22-23, subject to the approval of the members.

Ashwin Muthiah, Vice Chairman, TPL and Founder Chairman, AM International, Singapore, commented, “Successfully navigating geopolitical risks is essential for our future success and achieving sustainable financial performance. Our annual revenues have been the highest this year, while our quarterly turnover has surpassed the previous one.

However, profitability has been impacted by global uncertainty arising from increasing input and raw material costs. Our priority is to optimize operational costs while retaining market leadership. Leveraging our local manufacturing capabilities, we are aligned with the Government’s Atmanirbhar policy and aim to become a competitive organization in the fields of chemicals and science. We are committed to prioritizing environmental, social, and governance (ESG) considerations and are actively working towards our green manufacturing objectives.”

Muthukrishnan Ravi, CEO, Petrochemicals Division, AM International, Singapore, stated, “Our strong top-line performance signifies our sustained market leadership and customer-focused sales strategy. However, escalating input costs and global volatility have significantly impacted our bottom line. Moving forward, we are committed to improving operational efficiency consistently to enhance our margins.”

For more information: www.tnpetro.com