Manali Petrochemicals Ltd. (MPL) reported standalone net profit for the first quarter halved to ₹37 crore on an increase in raw material prices and higher imports.
Revenue from operations rose 7.5% to ₹301 crore. Total expenditure increased 45% to ₹257 crore while raw material cost jumped by 38% to ₹227 crore, MPL said in a statement.
“Besides lower volume of sales, the prices have been witnessing a downtrend, the stage for which was set towards the end of the preceding quarter,” said M. Ravi, MD.
He also said that input costs were on the rise due to global conditions, mainly on Russia-Ukraine stand-off and Chinese lockdowns.
“So, the performance of MPL has not been as good as it was earlier. The management is monitoring the situation closely, and all required actions are taken to sustain the performance,” he said.