Tamilnadu Petroproducts Q4 PAT at Rs 10.96 cr

Chennai, May 14 (PTI) Tamilnadu Petroproducts Ltd has recorded a standalone profit after tax for the January-March 2024 quarter of Rs 10.96 crore, the company said on Tuesday.

The city-based petrochemical manufacturer had registered a standalone PAT of Rs 9.91 crore during the corresponding quarter last year. For the year ending March 31, 2024, the profit after tax on standalone basis slipped to Rs 42.78 crore from Rs 89.31 crore a year ago.

Commenting on the financial performance, TPL Vice-Chairman Ashwin Muthiah said, "The financial results have been moderate. However, the company has performed despite various external and unseen challenges."

Total revenues during the quarter under review stood at Rs 447.03 crore as against Rs 486.93 crore in the corresponding quarter last year.

Total revenues for the financial year ending March 31, 2024 dropped to Rs 1,696.86 crore from Rs 2,169.50 crore a year ago.

Tamilnadu Petroproducts Ltd invested Rs 18.61 crore on plant restoration activities during the financial year 2023-24 and lost Rs 1.52 crore in asset damage caused by Cyclone Michaung.

"The business disruption and subsequent losses due to the cyclone affected us, but we were able to resume operations quickly. Our business operations continue to prioritise health, safety, security and environmental measures. We remain committed to growth and profitability with a keen eye on sustainable manufacturing practices that will enhance our customer relationships," Muthiah said.

An amount of Rs 4.59 crore has been received from the insurers as an ad hoc amount pending assessment report from the surveyor. This is recognised as an exceptional item, the company said.

The board, which met here on Tuesday, recommended a dividend of Rs 1.20 per share (12 per cent) for FY23-24 subject to approval of the shareholders.