Manali Petrochemicals' Resilient Overseas Subsidiaries Propel Profit Amid Challenges

Manali Petrochemicals Ltd reported a consolidated profit after tax of Rs 13.22 crore for six months ending September 2024, despite challenges from cheaper imports and rising raw material costs. The company's overseas subsidiaries contributed significantly to this performance, offsetting the standalone losses.

Manali Petrochemicals Ltd has announced a consolidated profit after tax of Rs 13.22 crore for the six-month period ending September 30, 2024. This marks a decrease from the Rs 14.97 crore profit reported for the same period last year.

The petrochemical manufacturer, headquartered in the city, attributed the dip in profit to the dumping of imported materials at cheaper prices and escalating raw material costs. Although it reported a loss on a standalone basis, strategic operations in its overseas subsidiaries bolstered its consolidated financial position.

The company's total income for the half-year stood at Rs 482.79 crore, down from Rs 586.41 crore in the previous year. Chairman Ashwin Muthiah stated that international contributions have been crucial, and the focus remains on maintaining cost efficiencies and advancing expansion plans.

(With inputs from agencies.)