Manali Petro Q2 console skids profit to Rs20 lakh

Manali Petrochemicals Chairman Ashwin Muthiah says looking ahead, maintaining cost savings and moving ahead with expansion plans remain priorities.

Manali Petrochemicals Ltd.’s (MPL) consolidated profit for the September quarter fell to R20 lakh from R11 crore in the previous period due to dumping of cheap imports and increase in raw material costs.

Operating income fell to R230 crore from R270 crore, the petrochemicals maker said in a statement.

“This quarter’s performance reflects ongoing macroeconomic pressures, including rising raw material costs and competition for cheaper imports. Fortunately, donations from our overseas subsidiaries have supported our mission. Looking ahead, keeping costs in check and making progress on our expansion plans remain our top priorities,” said Chairman Ashwin Muthiah.

“The strong contributions of our overseas subsidiaries underline our long-term growth potential and will help strengthen our operations going forward,” said Managing Director R. Chandrasekar.