Manali Petrochemicals Ltd Share Price – NSE  / BSE

Petrochemicals, Small Cap

PennWhite India (PWI), a company incorporated in India for speciality chemicals, a wholly owned subsidiary of PennWhite, UK announce their intent to build a world-class manufacturing plant for the manufacture of foam control chemistry in Chennai, India to support customer requirements in India and Asian markets.

PWI is the Indian subsidiary of PennWhite Limited, UK a company based in Middlewich (UK) which is a leading manufacturer of antifoam chemistry under the renowned FoamDoctor? brand. A wide range of other speciality chemicals are also manufactured and sold under the PennWhite brand to service the needs of long-term customers in over 40 countries.

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, printing, upstream and downstream oil, coatings, manufacturing and construction.

The said UK entity was acquired in November 2022 by Manali Petrochemicals (MPL), India's only integrated manufacturer of polyols and a part of AM International, Singapore. In February 2024 an Indian subsidiary of UK entity viz., PennWhite India, based in Chennai, was incorporated to enhance and accelerate the business development in the Indian market.

PennWhite is executing its global growth plans, with particular emphasis on growth in India through its Indian subsidiary, which announces today that it has signed a long-term lease agreement for a plot of land and building in Oragadam (Tamil Nadu, India). This marks a significant step towards establishing a state-of-the-art, internally funded manufacturing plant in India later this year.

PennWhite has been manufacturing defoamer products in the United Kingdom for 40 years to the highest international quality and manufacturing standards, for the most demanding national and international customers, including existing customers in India and Asia Pacific. The new plant in India is designed to operate to the very same high standards as in the United Kingdom, and we will pursue the same accreditations and certifications. This will enable even the most demanding customers based in India to source these products in future from a local manufacturing plant, safe in the knowledge that product specifications and product applications will not change.

This strategic move aligns with PennWhite's commitment to addressing the growing demand for premium foam control solutions in India while supporting sustainable and eco-friendly industrial processes. By localizing production, the company aims to strengthen its foothold in one of the most dynamic emerging markets and enhance service delivery across the region.

Tobias Tasche, Chief Executive Officer of PennWhite, UK and a Director of PennWhite India said:

?Since the acquisition of PennWhite Limited, UK by Manali Petrochemicals Ltd in 2022, we have been working hard on our global growth plans, and in particular our plans for India. Last year we founded PennWhite India Pvt Ltd as our first step in our longer-term plan to invest in the potential of the Indian market. In addition, we announced last month the acquisition of a competitor defoamer business in India, and today's announcement is the next step for our growth in India.

We are committed to a long-term investment in the local market to enable Indian customers to purchase defoamer products, manufactured locally to the highest international standards, with the portfolio choice and technical service that has been a key element of the PennWhite offer for 40 years. We believe that this plant will be a game-changer for the Indian market, and we intend to use this manufacturing plant to underpin our future plans to expand further into Asia Pacific.?

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Net profit of Manali Petrochemicals rose 79.25% to Rs 5.27 crore in the quarter ended December 2024 as against Rs 2.94 crore during the previous quarter ended December 2023. Sales declined 4.21% to Rs 196.12 crore in the quarter ended December 2024 as against Rs 204.75 crore during the previous quarter ended December 2023.

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Net Loss of Manali Petrochemicals reported to Rs 2.83 crore in the quarter ended December 2024 as against net loss of Rs 4.27 crore during the previous quarter ended December 2023. Sales declined 9.21% to Rs 140.95 crore in the quarter ended December 2024 as against Rs 155.25 crore during the previous quarter ended December 2023.

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Manali Petrochemicals will hold a meeting of the Board of Directors of the Company on 5 February 2025.

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