Manali Petrochemicals Q4 profit down to Rs 11 cr on total income of Rs 183 cr

Manali Petrochemicals Ltd on Tuesday reported a profit after tax of Rs 11 crore in the January to March quarter compared to Rs 21 crore in Q4 FY19.Though total income went up to Rs 183 crore from Rs 166 crore in the same period, profit before tax came down to Rs 3.4 crore from Rs 34.8 crore.

In the year ended March 2020, the company had a total income of Rs 685 crore as compared to Rs 709 crore during the corresponding year. The operating profit was Rs 52 crore and net profit Rs 39 crore versus Rs 86 crore and Rs 65 crore, respectively in the previous fiscal.

Chairman Ashwin Muthiah said that the Covid-19 outbreak led to an unprecedented situation globally. "Our team's resilience ensured that we continue to serve our customers even in such an extraordinary time alongside taking care of the health and safety of the employees. As we get back to normal operations, we hope to recover from this crisis at the earliest."

The company said that Muthukrishnan Ravi has been reappointed by the board of directors as the Managing Director for three years from July 29 when his present term ends.

Manali Petrochemical is part of Singapore-headquartered two billion dollar AM International Group. It markets propylene glycol and polyols.Manali Petrochemical has one wholly-owned subsidiary Amchem Specialty Chemicals Ltd in Singapore and two step-down subsidiaries -- Amchem Specialty Chemicals UK and Notedome UK.