Tamilnadu Petroproducts Q3 net falls 46% on high input costs

February 06, 2023 09:12 pm | Updated 09:12 pm IST - CHENNAI

Tamilnadu Petroproducts Ltd.’s (TPL) standalone net profit for the quarter ended December contracted 46% to ₹25 crore due to high input costs.

Revenue from operations increased from ₹448 crore to ₹511 crore, while cost of materials increased by 40% to ₹323 crore, TPL said in a regulatory filing.

“The company sustained its momentum from the prior quarter with improved revenue. However, global economic challenges, particularly rising raw material costs, still impact profitability,” said vice chairman Ashwin Muthiah. “Efforts are underway to reduce manufacturing costs while enhancing operational efficiency with a focus on customer centricity,” he added.

“TPL’s performance has seen severe pressure on the margins due to high input costs. We have decided not to fully pass on the cost increase to our customers,” said Muthukrishnan Ravi, CEO, Petrochemicals division, AM International group.

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