Manali Petro reports best ever annual performance

Manali Petrochemicals Ltd, part of AM International, Singapore has reported consolidated profit after tax at Rs 91.38 crore for the quarter ending March 31, 2021, the company said on Thursday.

The city-based petrochemical manufacturing company had reported consolidated profit after tax at Rs 14.14 crore during corresponding quarter previous year.

For the year ending March 31, 2021, consolidated PAT grew to Rs 201.23 crore from Rs 46.66 crore registered in the same period last fiscal.

Consolidated revenues for the quarter under review went upto Rs 369.69 crore from Rs 238.46 crore registered in the same quarter last fiscal, a company statement said.

For the year ending March 31, 2021 consolidated revenues breached the Rs 1,000 crore mark to report Rs 1,037.98 crore from Rs 815.92 crore registered a year ago.

The company's Board has recommended a dividend of 30 per cent for the year 2020-21 subject to the approval of shareholders.

''Manali Petrochemicals Ltd has been able to do a quick turnaround despite various pandemic related challenges.

It has been the best ever annual performance of the company,'' company chairman Ashwin Muthiah said.

''I congratulate the team for the financial results and overcoming the odds.

Our operations will continue to follow the precautions to ensure the health and safety of our employees, vendors and customers,'' he added.

Manali Petrochemicals Ltd retails propylene glycol and polyols.

It has a wholly owned subsidiary AMCHEM Specialty Chemicals Ltd, Singapore and step down subsidiary AMCHEM Specialty Chemicals UK Ltd, and Notedome Ltd, United Kingdom, the statement added.