Manali Petrochemicals declares Q4 profit at ₹1.3 crore, total income falls 22%

Total income fell 22.47% year-on-year (YoY) to ₹262.63 crore. Shares of Manali Petrochemicals were trading over 5% higher on Tuesday afternoon.

Earnings before interest, tax, depreciation, and, amortisation (EBITDA) for the quarter grew 185% YoY to ₹17.31 crore.

For the fiscal year 2024, the company’s net profit declined by 62% YoY to ₹19.21 crore. The total revenue of the company fell 12% YoY to ₹1,061 crore.

The company said that the margins contracted during the year due to higher raw material costs and the dumping of imported materials at cheaper prices. Despite the temporary disruptions caused on account of cyclone Michaung in December 2023, the company could maintain its top line at the consolidated level this year, it said.

The company also said R Chandrasekar, Whole Time Director and chief financial officer (CFO) of the firm, has been re-designated and appointed as Managing Director of the company with immediate effect from May 13, 2024, for three years.

Chandrashekar said the firm has appealed to the government for better policies to protect domestic players, aiming to achieve a level playing field in the near future. “As a team, we are prioritizing R&D and innovation, aligning with our commitment to manufacturing environmentally friendly products tailored to our clients' needs," he said.

The board of directors of the firm has recommended a dividend of ₹0.75 per share.

Manali Petrochemicals is a Chennai-based petrochemical manufacturer and is part of the Singapore-headquartered AM International Group. The company markets propylene glycol and polyols.

Shares of Manali Petrochemicals have declined by over 2% since the start of the year. In the past year, the stock has risen over 3%.