Manali Petrochemicals Ltd. (MPL) a part of AM International Singapore, standalone net profit for the fourth quarter ended March contracted by 22% to ₹72 crore due to downtrends in market demand and lower price realisation.
During the period under review, revenue from operations grew 8.4% to ₹361 crore. Net profit included exceptional item of ₹6.68 crore, relating to arrears of lease rent, interim environmental compensation and writing off assets which are no longer useful, it said in a regulatory filing.
It has been one of the best performances of the company, despite various geopolitical events and price volatility, said Ashwin Muthiah, chairman, MPL.
As an industry leader, MPL will continue its focus on capex led capacity building and deepening customer relationships, he said adding that considering the significantly higher profits, the company has declared additional dividend of 20% over and above the 30% paid last year.