Manali Petrochemicals Ltd (MPL) has announced that it will set up a new company in Germany as part of future growth plans of its UK-based step-down subsidiary Notedome.

“As part of an expansion of Notedome UK operations, the Board has approved a proposal for setting up a new entity in Germany through AMCHEM, Singapore,” said a company statement.

Notedome, established in 1979, was acquired by Manali Petro through its overseas arms in 2016. The UK company is a manufacturer of polyurethanes which its supplies to customers across 45 countries.

Neuthane polyurethanes are used in a diverse range of industries and applications, in the automotive sector for anti-roll bar, suspension and shock bushes for buses, trucks and other high-performance vehicles, limit or bump stops, material handling etc. and in the agriculture sector for Rollers, Harvester components and idler wheels on track-laying tractors.

The total revenue of Notedome for 2020-21 was ₹91.63 crore and profit of ₹7.95 crore, according to its annual report.

Meanwhile, MPL has reported a standalone profit after tax (PAT) of ₹109 crore for the quarter ended December 31, 2021, when compared with a PAT of ₹84 crore in the year-ago quarter.

Its EBITDA for the December 2021 quarter was higher at ₹154 crore as against ₹130 crore in Q3 of the previous fiscal, according to a statement.

“Product prices started to soften towards the end of the quarter. The trend may continue in the next quarter, and the Company is gearing up to tackle this challenge,” said Ravi, MD of MPL and CEO, Petrochemicals Division of AM International Group. 

In Q3 of this fiscal, its revenue stood at ₹404 crore as against ₹330 crore.

“MPL’s science and R&D-led approach, along with customer centricity, is a prime reason for its sustained performance in such challenging market conditions. The results show that the company has strengthened its market leadership and bettered its financial performance even during tough times,” said Ashwin Muthiah, Chairman – MPL and Founder Chairman, AM International, Singapore.