Manali Petrochemicals Ltd., (MPL) reported standalone net profit for March quarter contracted to ₹1.33 crore year-on-year from ₹72 crore on account of continuous increase in input costs and global southward volatility in selling prices.
Revenue from operations dipped by 26% to ₹266 crore, while cost of materials consumed was down by 3% to ₹182 crore, it said in a regulatory filing.
“The company’s performance has got affected by the global macroeconomic situation as higher raw material costs and the inability to pass on the increase to the customers impacted the bottomline,” said chairman Ashwin Muthiah.
However, we are looking at improving our operational efficiencies and focusing on margin improvements,” he said.
The board declared a dividend of 75 paise per share.