Chennai, Feb 6 (PTI) Manali Petrochemicals Ltd on Thursday reported a consolidated profit after tax for the October-December 2024 quarter at Rs 5.27 crore on the back of macro-economic challenges faced during the quarter, the company said on Thursday.

The city-based petrochemical manufacturer had registered a profit after tax of Rs 2 crore in the sequential July-September 2024 quarter.

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The profit after tax for the nine month period ending December 31, 2024 stood at Rs 18.51 crore, as against Rs 17.91 crore registered in the year ago period.

Commenting on the financial performance, Manali Petrochemicals Ltd Chairman Ashwin Muthiah said, "Our performance continues to be impacted by macro-economic challenges, particularly unhindered imports from neighbouring countries, which put domestic industries without tariff protection at a disadvantage. However, we have strengthened internal efficiencies and operational performance, narrowing standalone losses."

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"Looking ahead, we expect continued progress, supported by our overseas subsidiaries, which have contributed to overall profitability and expanded our product portfolio," Muthiah, also the Founder-Chairman of AM International, Singapore said.

The consolidated total income during the October-December 2024 quarter stood at Rs 200.49 crore, as against Rs 236.01 crore registered in the sequential July-September 2024 quarter.

For the April-December 2024 period, the consolidated total income fell to Rs 683.30 crore, from Rs 798.88 crore registered in the corresponding period of last financial year.

Manali Petrochemicals Ltd Managing Director and CEO, R Chandrasekar said, "This quarter (October-December 2024) our focus on cost and operational efficiencies has led to a significant reduction in standalone losses. Our international subsidiaries have contributed to profitability, and proposed expansion in Asian and Indian markets will further strengthen our portfolio and enhance value."

The company through its cost optimisation, product mix and other measures have reduced the impact of loss during the quarter under review as compared to previous quarter, although the margin and revenue continued to be affected, the statement said.

The favourable operational performance of the overseas subsidiaries continued to support the financial performance of the company on a consolidated basis, it added.

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