Manali Petrochemicals Q1 results: Co reports 4x increase in revenue to Rs 283 cr

Chennai: Limited (MPL) on Tuesday announced that it had earned Rs 283 crore as revenue for the April-June quarter, which was four times higher than Rs 70 crore in the corresponding period of the previous year, which was impacted by the first wave of the pandemic.

The petrochemical manufacturing company which is part of AM International - Singapore said the EBITDA for the period was Rs 112 crore and PAT stood at Rs 76 crore, against Rs 3 crore and loss of Rs 1 crore respectively, in the first quarter of the previous year.

"MPL has continued registering higher revenues and margins during the quarter, despite the re-emergence of the pandemic. The team's constant efforts to focus on efficient and profitability-oriented growth despite external challenges are critical strengths that should continue in the coming times," said Mr. Ashwin Muthiah, Chairman of MPL and Founder Chairman, AM International, Singapore said.

Though the revenues and profits during the quarter were lower than the preceding quarter due to the second wave-induced lockdowns, the ratio of EBITDA to revenues improved marginally, the company said in a statement.

During the second wave 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 a vis the preceding quarter, explained Ravi, MD of MPL and CEO, Petrochemicals Division of AM Group. However, he said that owing to the global market scenario and logistics issues continuing as before, imports into India were subdued, aiding better realizations.