Companies

Manali Petrochemicals posts ₹76 cr PAT in Q1

Our Bureau Chennai | Updated on August 10, 2021

EBITDA rose year-on-year but dropped quarter-on-quarter

Manali Petrochemicals Ltd (MPL) reported a standalone profit after tax (PAT) of ₹76 crore for the quarter ended June 30 against a net loss of ₹1 crore in the corresponding Covid-impacted quarter a year ago. For the March 2021 quarter, the company posted a PAT of ₹92 crore.

Its EBITDA jumped to ₹112 crore in Q1 against ₹3 crore in the corresponding period of the previous fiscal. However, it dropped when compared to the company’s EBITDA of ₹131 crore in the quarter ended March 31.

Also see: MRPL processes 8 new crude oils in FY21

Though revenue and profit during Q1 were lower than the preceding quarter due to the second Covid wave induced lockdowns, the ratio of EBITDA to revenue improved marginally, according to a statement put out by the company.

Its revenue stood at ₹283 crore when compared to ₹70 crore in the June 2020 quarter.

“MPL has continued registering higher revenues and margins during the quarter, despite the re-emergence of the pandemic,” said Ashwin Muthiah, Chairman – MPL and Founder Chairman, AM International, Singapore.

“During this period, most of the end-use units remained closed due to the lockdowns across the country, bringing down the demand for the major products of the company vis-à-vis the preceding quarter. However, the global market scenario and logistics issues continuing as before, imports into India were subdued, aiding better realisations,” said Ravi, MD of MPL and CEO, Petrochemicals Division, AM Group.

Published on August 10, 2021

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