Tamilnadu Petroproducts Ltd (TPL) has more than doubled its profit after tax (PAT) at ₹122 crore for the year ended March 31, 2021 compared with a PAT of ₹55 crore in FY20, despite drop in revenue.

Its revenue fell to ₹1,155 crore compared with ₹1,233 crore in FY20. However, its EBITDA (earnings before interest, depreciation and tax) was higher at ₹175 crore against ₹101 crore. PBT stood at ₹170 crore for FY21 against ₹71 crore in 2019-20, according to a statement.

“The pandemic has impacted the economic activities on a global scale. In these times, TPL, in spite of the challenges, has performed well and with resilience. Having registered a substantial growth through value addition in the second half of the year, it has doubled its profitability,” said Ashwin Muthiah, Vice-Chairman – TPL and Founder Chairman, AM International, Singapore.

For the quarter ended March 31, 2021, profit after tax stood at ₹63 crore compared with ₹2 crore in the year-ago quarter. Revenue was at ₹353 crore compared to ₹263 crore and EBITDA was significantly higher at ₹74 crore (₹11.41 crore).

“The impediments in material movements across the globe coupled with the market conditions curtailed the imports into India, rewarding TPL with the deserved value additions, which were denied for long due to dumping of materials into the country,” said Ravi, CEO, Petrochemicals Division of AM Group.

The Board recommended a dividend of 25 per cent for FY21 (15 per cent in the previous year).