Tamilnadu Petroproducts Ltd., (TPL) reported a 58% contraction in its stand alone net profit over the year earlier period to ₹10 crore on account of escalating input costs and global uncertainty.
Revenue from operations grew by 10% to ₹479 crore, while cost of materials consumed increased from ₹212 crore to ₹262 crore, the petrochemical manufacturer said in a regulatory filing.
“Our annual revenues have been the highest this year, while our quarterly turnover has surpassed the previous one. However, profitability has been impacted by global uncertainty arising from increasing input and raw material costs. Our priority is to optimize operational costs while retaining market leadership,” said Ashwin Muthiah, vice chairman.
The board declared a dividend of ₹1.50 per share for FY23.