CHENNAI: Tamilnadu Petroproducts Limited (TPL) reported a net profit of Rs 13.37 crore during the first quarter of this year, down from Rs 13.59 crore in the same quarter of the previous year.
The Chennai-based petrochemical manufacturing company posted an increase of about 5 per cent in its revenue in Q1 FY 24-25 over the preceding quarter and EBIDTA increased by 6 per cent. Increase of crude oil price impacted the cost of raw materials, which resulted in lower realisation during the quarter, TNPL said in a release.
It has incurred Rs 4.60 crore during the quarter towards material damage and plant restoration activities (Michaung cyclone – Dec’2023). An amount of Rs 13.33 crore was received from the insurers as an adhoc amount pending final assessment report. This has been recognised as an exceptional item.
In comparison to the last quarter of the previous year, PBT and PAT for the quarter are higher by about 40 per cent and 22 per cent respectively.
Ashwin Muthiah, VC-TPL and founder-chairman, AM International, Singapore said, “Our first quarter of FY2024-25 was challenging primarily due to increased raw material costs and absorbing the cost hike to maintain long-term customer relationships. Despite this, we achieved an improvement in our operating profits compared to the last quarter of the previous year. Focus on operational efficiency and cost optimisation will remain our key strategy to navigate external challenges effectively.”