Results. Tamil Nadu Petro Products records highest annual revenue in FY23; input cost hits profitability

BL Chennai Bureau Updated - May 24, 2023 at 06:33 PM.
Ashwin Muthiah, Vice-Chairman Tamil Nadu Petro Products Ltd

Tamil Nadu Petro Products Ltd has recorded its highest-ever annual revenue of ₹2,170 crore in FY23. The petrochemical manufacturing company posted a revenue of ₹1,818 crore in FY22. However, higher raw material cost, power and fuel expenses pulled down its profitability during the previous fiscal. 

The company’s net profit dropped 48 per cent, year-on-year, to ₹89 crore (₹171 crore) during the previous fiscal. 

Total expenses of the company spiralled by 29 per cent to ₹2,050 crore in the previous fiscal, against ₹1,586 crore in FY22. Within that, the cost of raw material went up by 45 per cent to ₹1,229 crore (₹845 crore) in FY23 while power and fuel charges jumped to ₹439 crore (₹353 crore). 

In an earnings release, Ashwin Muthiah, Vice-Chairman Tamil Nadu Petro Products Ltd and founder chairman AM International, Singapore, said the company’s annual revenues have been the highest this year, while the 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 optimse operational costs,” he added. 

On a quarterly basis, the company’s income grew modestly to ₹487 crore (₹438 crore) during Q4FY23 while net profit fell to ₹10 crore (₹24 crore). 

The company has declared a dividend of ₹1.50 per share (15 per cent) for FY 2022-23. Shares of Tamilnadu Petroproducts fell by 5.34 per cent to ₹78 apiece on NSE on Wednesday. 

Published on May 24, 2023 12:05

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