Manali Petrochemicals revenue jumps 22% yoy at Rs404 crore in Q3FY22; Stock ends higher

11 Feb 2022 , 04:00 PM

Manali Petrochemicals Limited (MPL), a leading Petrochemical manufacturing company and part of AM International, Singapore, announced its third-quarter results for FY22 on Thursday.

During the quarter MPL's total revenue at Rs404 crore was 22% higher than Rs330 crore in the corresponding period of last year. The EBIDTA for the period was Rs154 crore and PAT Rs109 crore, against Rs130 crore and Rs84 crore respectively.

In Q3FY22, EBIDTA to Revenue was at 38% slightly lower than 40% in the previous year period.

During the nine months, the total revenue was Rs1,094 crore, 1.83 times Rs598 crore in the corresponding period of FY21. PBT and PAT registered 3-fold growth during this period, signifying better price realizations.

Manali Petrochemicals Ltd stock trade on Friday ended at Rs114.35 per piece up by Rs1.7 or 1.51% from its previous closing of Rs112.65 per piece on the BSE.

Other highlights:

• As part of expansion of Notedome UK operations, Board has approved a proposal for setting up a new entity in Germany through AM CHEM, Singapore.
• Board also approved various CSR initiatives for Rs2.69 crore, which aim to provide basic sanitation and safe drinking water to the government schools, set up one more Primary Health Care Clinic, conduct programmes for creating health and hygiene awareness among the locals, and the like in and around Manali.

Ashwin Muthiah, Chairman - MPL and Founder Chairman, AM International, Singapore said: “MPL's science & R&D led approach, along with customer centricity, is a prime reason for its sustained performance in such challenging market conditions. The results show that the company has strengthened its market leadership and bettered its financial performance even during tough times. I commend the team for its tireless efforts to grow its market leadership despite natural vagaries. As we start to operate alongside the pandemic, employee health and safety remains a priority.”

“We will continue our CSR programs around our plants that benefit the poor and marginalised in line with our group's social ethos,” he reiterated.

Ravi, MD of MPL and CEO, Petrochemicals Division of AM International Group said that “product prices started to soften towards the end of the quarter. The trend may continue in the next quarter, and the Company is gearing up to tackle this challenge.”