13th May 2024, Chennai / Mumbai: Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore, announced its Audited Financial Results for theFourth Quarter FY24and for the Year ended FY 2023-24 today.

Financials:

During the quarter ended 31st March 2024, revenue and profit after tax on consolidated basis was Rs.256.28 crore and Rs.1.3 crore, respectively and for the year ended 31st March 2024, revenue and profit after tax on consolidated basis was Rs.1032.35 crore and Rs.19.21 crore, respectively.

During the year, the company continued to get affected by the dumping of imported materials at cheaper prices and the increase in raw materials cost which have impacted our margins. Despite the temporary disruptions caused on account of Cyclone Michaung in the month of December 2023, the Company could maintain its top line at consolidated level this year.   
 

(Rs. In Crore)

Change in Director/KMP:
 

• Appointment of Mr. G R Sridhar (DIN: 10596912) as an Additional Director & Whole Time Director (Operations):
  
  Mr. G R Sridhar (DIN: 10596912) has been appointed as an Additional Director &Whole Time Director (Operations) of the Company with immediate effect i.e., 13th May 2024 for a period of three years. Approval of the members will be obtained in compliance with Regulation 17(1)(c) of the SEBI Listing Regulations, 2015.
   
• Appointment of Mrs. K Lalitha as Chief Financial Officer of the Company:
  
  Mrs. K Lalitha, DGM – Finance has been appointed as Chief Financial Officer and Key Managerial personnel of the Company in compliance with Section 203 of the Companies Act, 2013 with immediate effect i.e., 13th May 2024.
   
• Re-designation and appointment of Mr. R Chandrasekar as Managing Director:
  
  Mr. R Chandrasekar (DIN:06374821), Whole Time Director & CFO has been re-designated and appointed as Managing Director of the Company with immediate effect i.e., 13th May 2024 for a period of three years. Approval of the members will be obtained in compliance with Regulation 17(1)(c) of the SEBI Listing Regulations, 2015. He will continue to be a Key Managerial personnel of the Company.
  
  Pursuant to the above, Mr. Chandrasekar is ceased to be a Chief Financial Officer of the Company with immediate effect i.e., 13th May 2024.

Dividend:

The Board of MPL has recommended a dividend ofRs.0.75 per share (15%) for FY2023-24, subject to approval of the Members.
 

Leadership Comments:

Mr. Ashwin Muthiah, Chairman of MPL and Founder Chairman of AM International, Singapore, commented: "Despite facing macro-economic challenges that impacted our margins, the company reported an improved topline in the last quarter, enabling us to maintain annual sales at a similar level to the previous year. Despite disruptions caused by a cyclone in December, we successfully resumed full-fledged operations, contributing to our Q4 sales. Our decision not to pass the price hike on to customers underscores our long-term relationship focus. The recent leadership changes demonstrate our commitment to steering the business in a professional manner. With the formation of the Indian subsidiary of our recent overseas acquisition, we are optimistic about enhancing our performance in the future with our high-margin, sustainable specialty chemicals business."

Mr. R Chandrasekar, Managing Director of MPL, commented: "MPL's performance, despite severe dumping pressure from neighboring countries and resulting margin challenges, underscores our commitment to remain competitive as per market demand. We've 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."