Manali Petrochemicals hits upper circuit after revenue more than doubles in Q2FY22 to Rs408cr over last year

The company’s EBIDTA for the period was Rs166cr and PAT Rs120cr.

November 10, 2021 4:12 IST | India Infoline News Service
Quarterly Results
Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore, announced its second-quarter results for FY22 on Tuesday.

During the quarter MPL's revenue at Rs408cr was more than twice Rs198cr in the corresponding period of last year and 45% higher than Rs283cr in the preceding quarter. The EBIDTA for the period was Rs166cr and PAT Rs120cr, against Rs38cr and Rs18cr respectively, in Q2FY21. EBIDTA to Revenue at 40% continued at the preceding quarter levels and was twice the 20% in the previous year period.

Manali Petrochemicals Ltd stock hit upper circuit at Rs124.20 per piece up by Rs5.9 or 4.99% from its previous closing of Rs118.30 per piece on the BSE.

During the half year the total revenue was Rs691cr, higher by 1.60 times over Rs268cr in the first half of FY21. Impressive growth was recorded in the earnings also, with EBIDTA at 40% vis a vis 16% in the corresponding period of FY21, which had been impacted by prolonged lockdowns and various other restrictions.

Ashwin Muthiah, Chairman - MPL and Founder Chairman, AM International, Singapore said: “The best quarterly performance in the company's history is a testimony to its relentless focus on science and innovation-led growth. We will move ahead with our dual focus on profitable and healthy growth while implementing green technologies for our products and plants. I congratulate the entire team for delivering this performance, even in the current times of macroeconomic challenges.

The health and well-being of our employees continue to be a priority, and adherence to COVID-19 protocols for safe operations is a key focus. Post pandemic, our efforts to work for the upliftment of marginalized communities, especially around our manufacturing plants, will continue as a part of our CSR program.”

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