Hit by cyclone, PAT drops to Rs 2.44 cr

Business Standard

Petrochemical manufacturing company Tamilnadu Petroproducts Ltd has recorded a standalone profit after tax for the October-December 2023 quarter at Rs 2.44 crore, following the impact of cyclone Michaung which led to disruption in manufacturing facilities.

The city-based company, part of the AM International – Singapore, had posted a standalone net profit at Rs 25.23 crore, during the corresponding quarter of last year.

For the nine months period ending December 31, 2023 the standalone net profit stood at Rs 31.82 crore, as against Rs 79.40 crore registered a year ago.

“In the quarter (October-December 2023) we encountered challenges due to the cyclone, leading to disruptions in our manufacturing facilities and loss of plant and machinery. Despite these obstacles, we have successfully restored our operations, minimising disruptions to our customer delivery schedule” said TPL Vice Chairman Ashwin Muthiah.

The standalone total income during the quarter under review slipped to Rs 351.98 crore, from Rs 513.94 crore registered during the corresponding quarter of last year. For the April-December 2023 period, standalone total income fell to Rs 1,249.83 crore, from Rs 1,682.57 crore registered in the same period of last fiscal.

“Although our financial results were impacted, I commend the TPL team for their resilience and commitment to prioritising health and safety during this natural disaster,” Muthiah also the Founder-Chairman, AM International said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Feb 09 2024 | 1:42 PM IST

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