Tamil Nadu Petroproducts Navigates Cyclone Challenges with Steady Growth

Tamil Nadu Petroproducts Ltd reported a profit after tax of Rs 2.83 crore for the September 2024 quarter, down from Rs 15.79 crore the previous year, partly due to Cyclone Mchaung damages. The company achieved revenue growth to Rs 455.66 crore amid stable demand and increased energy costs.

Tamil Nadu Petroproducts Ltd announced a standalone profit after tax of Rs 2.83 crore for the quarter ending September 2024. This is a noticeable decrease compared to the Rs 15.79 crore profit registered in the same period last year, according to the city-based company's latest statement.

The company's performance was affected by expenses of Rs 1.62 crore for damage and restoration work after Cyclone Mchaung struck Chennai in December 2023. Despite these challenges, revenue climbed to Rs 455.66 crore, up from Rs 441.35 crore in the corresponding quarter of the previous year, the petrochemical manufacturer reported.

Vice Chairman Ashwin Muthiah highlighted Tamil Nadu Petroproducts' focus on operational efficiency and cost management amidst macroeconomic uncertainties. The company remains committed to long-term customer relationships and environmentally friendly initiatives, reflecting its strategic priorities in a challenging market landscape.

(With inputs from agencies.)