Panama Petrochem Ltd Share Price – NSE  /  BSE

Petrochemicals, Small Cap

Net profit of Panama Petrochem rose 20.02% to Rs 60.98 crore in the quarter ended March 2024 as against Rs 50.81 crore during the previous quarter ended March 2023. Sales rose 45.17% to Rs 740.97 crore in the quarter ended March 2024 as against Rs 510.40 crore during the previous quarter ended March 2023.

For the full year,net profit declined 16.23% to Rs 195.15 crore in the year ended March 2024 as against Rs 232.97 crore during the previous year ended March 2023. Sales rose 4.80% to Rs 2356.74 crore in the year ended March 2024 as against Rs 2248.72 crore during the previous year ended March 2023.

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Profit before tax came in at Rs 73.74 crore in Q4 FY24, up 17.85% from Rs 62.57 crore posted in the corresponding quarter previous year.

Total expenses spiked 48.79% year on year to Rs 670.56 crore during the quarter. Cost of material consumed was at Rs 605.80 crore (up 48.43% YoY) in Q4 FY24.

On a full year basis, the consolidated net profit declined 16.23% to Rs 195.15 crore despite of 4.80% rise in revenue to Rs 2,356.74 crore in FY24 over FY23.

Meanwhile, the company’s board has recommended a final dividend of Rs 4 per share for FY24. The dividend, if approved by the shareholders, will be paid within two weeks from the conclusion of the ensuing annual general meeting.

Panama Petrochem is engaged in the business of manufacturing of petroleum derivative products which find application in industries such as cosmetics & pharmaceuticals, inks/coatings, textiles, automo bile, power, engineering, and rubber. The product portfolio includes liquid paraffin oils, petroleum jelly, ink oils, antistatic coning oil, rubber process oils, transformer oils, cable filling compounds and paraffin wax.

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Panama Petrochem has recommended to the members of the Company the appointment of Almas Nanda (DIN: 05329210) as an Independent Director on the Board of the Company at the ensuing Annual General Meeting (AGM) of the Company for a term of five (5) consecutive years commencing from 13 February 2025.

Almas Nanda is the visionary behind Inc. 5 Shoes Private Limited. She has shaped the brand's identity and improved customer experience, setting industry standards for quality and innovation. As the Whole-Time Director, she leads the research and development for women's footwear and manages merchandising operations.

Beyond her brand, she had also been a visiting faculty at NIFT New Delhi and contributed as a designer for the World Gold Council's, WGC Book.

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Panama Petrochem announced that the Board of Directors of the Company at its meeting held on 27 May 2024, inter alia, have recommended the final dividend of Rs 4 per equity Share (i.e. 200%) , subject to the approval of the shareholders.

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