Manali Petrochemicals Ltd, (MPL) standalone net profit for the second quarter ended September contracted by 90% to ₹12 crore following economic downtrend and an increase in raw-material cost.
Revenue from operations was down by 35% to ₹261 crore while raw material cost rose by 16% to ₹200 crore, it said in a regulatory filing.
“The downtrend in economy impelled by global events continue to affect the performance, which is being experienced since the last quarter of the previous year. Though sales volume could be maintained, product prices had been falling on the one hand and the input costs going up on the other, wearing down the margins,” said Ravi, MD.
On Wednesday, the board approved proposals for investment of up to $35 million in its wholly owned subsidiary, Amchem Speciality Chemicals Pvt. Ltd., Singapore for funding its overseas acquisition plans.
The Board appointed R. Chandrasekar as the whole-time director & CFO.