Manali Petrochemicals Ltd Share Price – NSE  /  BSE

Petrochemicals, Small Cap

PennWhite, UK (PennWhite) and KRAHN UK (KRAHN) announced today a long-term distribution agreement related to the distribution of silicone oil in the UK and Ireland market, through the appointment of KRAHN UK as a distributor of silicone oils under the PennWhite brand, with immediate effect.

The partnership will broaden the footprint of PennWhite silicone oils in the UK and Ireland markets and help meet the growing demand for premium products and more accessible supply options. Under the terms of the agreement KRAHN will market and promote PennWhite's silicone portfolio to a wide range of their industrial customers in the UK and Ireland.

PennWhite, based in Middlewich (UK) is a leading manufacturer of antifoam chemistry under the renowned FoamDoctor® brand, and supplies a portfolio of silicone oils under the PennWhite brand. A wide range of other speciality chemicals are also manufactured to service the needs of long-term customers.

PennWhite's chemical processing aides play an essential role in the products of the world's biggest brands: most consumers may not realise that many of their everyday products have been touched by specialist processing aids, which are widely used in a wide range of applications, like food and beverage processing, wastewater treatment, upstream and downstream oil, and increasingly in the coatings and adhesives industry.

The company was bought in 2022 by Manali Petrochemicals (MPL), India's only integrated manufacturer of polyols and a part of AM International, Singapore.

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Manali Petrochemicals announced that the Board of Directors of the Company at its meeting held on 13 May 2024, inter alia, have recommended the final dividend of Rs 0.75 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Total income during the quarter declined by 22% year-over-year to Rs 262.63 crore.

Total expenses in the fourth quarter fell by 26% to Rs 249.09 crore, primarily due to lower raw material costs (down 28% YoY) and lower other expenses (down 15% YoY).

Profit before tax in Q4 FY24 stood at Rs 8 crore, which is significantly higher as compared with the PBT of Rs 2.41 crore posted in Q4 FY23. Net tax outgor for the period under review was Rs 6.70 crore as against Rs 2.87 crore in the corresponding period last fiscal.

For FY24, Manali Petrochemical has reported net profit and total income of Rs 19.21 crore (down 62% YoY) and Rs 1,061.51 crore (down 12% YoY), respectively.

During the year, the company continued to get affected by the dumping of imported materials at cheaper prices and the increase in raw materials cost which have impacted our margins. Despite the temporary disruptions caused on account of Cyclone Michaung in the month of December 2023, the company could maintain its top line at consolidated level this year,” Manali Petrochemical said in a statement.

R Chandrasekar, managing director of MPL, commented: MPL's performance, despite severe dumping pressure from neighboring countries and resulting margin challenges, underscores our commitment to remain competitive as per market demand. We've appealed to the government for better policies to protect domestic players, aiming to achieve a level playing field in the near future.”

Seperately, Manali Petrochem informed that its board has approved setting up additional manufacturing facilities in Western Part of India.

Part of Singapore-based AM International Group, Manali Petrochemicals (MPL) is a leading petrochemical manufacturer. It markets propylene glycol and polyols.

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Net profit of Manali Petrochemicals reported to Rs 1.30 crore in the quarter ended March 2024 as against net loss of Rs 0.45 crore during the previous quarter ended March 2023. Sales declined 23.16% to Rs 256.28 crore in the quarter ended March 2024 as against Rs 333.52 crore during the previous quarter ended March 2023.

For the full year,net profit declined 62.09% to Rs 19.21 crore in the year ended March 2024 as against Rs 50.67 crore during the previous year ended March 2023. Sales declined 12.30% to Rs 1032.35 crore in the year ended March 2024 as against Rs 1177.09 crore during the previous year ended March 2023.

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