Companies

Tamilnadu Petroproducts reports profit after tax of ₹55 crore in Q1

Our Bureau | | Updated on: Aug 09, 2021
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Revenue up at ₹464 crore

Tamilnadu Petroproducts Ltd (TPL) reported a profit after tax of ₹55 crore for the quarter ended June 30 compared with a PAT of ₹12 crore in the year-ago quarter, which was impacted by Covid-19 lockdown.

In the March 2021 quarter, TPL reported a net profit of ₹63 crore and revenue of ₹353 crore.

“TPL, taking advantage of the global market conditions, has continued to improve its performance over the preceding periods. The full benefits of the NP capacity augmentation are being realised,” said Muthukrishnan Ravi, CEO, Petrochemicals Division of AM International group.

Its revenue stood at ₹464 crore when compared with ₹222 crore in Q1 of previous fiscal. EBITDA (earnings before interest, depreciation and tax) was higher at ₹81 crore as against ₹24 crore. PBT stood at ₹74 crore as against ₹17 crore, according to a statement.

“TPL’s healthy results showcase the company’s continued focus on efficient operations and profitable growth. The State Government of Tamil Nadu’s support will help us speed up our various projects, further benefiting the company in terms of modern technology, capacity expansion and environmentally friendly operations,” said Ashwin Muthiah, Vice Chairman – TPL and Founder Chairman, AM International, Singapore.

N Muruganandam, Principal Secretary, Industries has been appointed as the non-executive Chairman of the TPL Board and Pankaj Kumar Bansal, CMD of TIDCO and R Bhuvaneswari, GM, TIDCO as Non-Executive Directors.

Published on August 09, 2021

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