Manali Petrochemicals posts April-September 2024 PAT at Rs 13.22 crore
Manali Petrochemicals Ltd on Tuesday reported a consolidated profit after tax of Rs 13.22 crore for the six-month period ending September 30, 2024.
Manali Petrochemicals Ltd on Tuesday reported a consolidated profit after tax of Rs 13.22 crore for the six-month period ending September 30, 2024.
The city-headquartered petrochemical manufacturer had registered a profit after tax of Rs 14.97 crore during the corresponding period last year. For the year ending March 31, 2024, the profit after tax was Rs 19.21 crore.
In a statement, the company said that revenue and margins continued to be affected mainly due to the dumping of imported materials at cheaper prices, coupled with rising raw material costs.
"Although the company has suffered a loss on a standalone basis for reasons beyond its control, the continued operational performance of the overseas subsidiaries helped the company achieve a positive position on a consolidated basis during the quarter under review," the company stated.
The total income for the six-month period ending September 30, 2024, stood at Rs 482.79 crore, compared to Rs 586.41 crore for the year-ago period. For the year ending March 31, 2024, total income was Rs 1,061.51 crore.
"This quarter's performance (July-September 2024) reflects persistent macroeconomic pressures, including rising raw material costs and competition from cheaper imports. On a positive note, contributions from our overseas subsidiaries have supported our bottom line," said Manali Petrochemicals Ltd chairman Ashwin Muthiah.
"Looking ahead, maintaining cost efficiencies and progressing on our expansion plans remain our top priorities," he added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Liquor stock under Rs 300: Can this smallcap scrip double your money in 1-2 years? Check targets by Anil Singhvi
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
06:23 PM IST