Business

Manali Petro Q3 net rises 30% on better price realisations

Manali Petrochemicals Ltd. (MPL) standalone net profit for the third quarter ended December rose 30% to ₹109 crore on better price realisations.

Total revenue grew 22% to ₹399 crore. For the nine-month period, total revenue crossed ₹1,000 crore mark to touch ₹1,094 crore, while net profit grew three-fold to ₹305 crore, signifying better price realisations, it said in a regulatory filing.

“MPL’s science & R&D led approach, along with customer centricity, is a prime reason for its sustained performance in such challenging market conditions,” said chairman Ashwin Muthiah.

Product prices started to soften towards the end of the quarter. The trend may continue in the next quarter, and the company is gearing up to tackle this challenge, said MD Ravi.

As part of expansion of Notedome UK operations, the board approved a proposal for setting up a new entity in Germany through Amchem, Singapore.

Shares of the company declined 0.75% to close at ₹112.65 on the BSE on Thursday.


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Printable version | May 26, 2022 8:31:24 am | https://www.thehindu.com/business/manali-petro-q3-net-rises-30-on-better-price-realisations/article38408966.ece