Tamilnadu Petroproducts’ profit more than doubles in FY21

CHENNAI: Petrochemical manufacturing company, Tamilnadu Petroproducts Limited (TPL) on Monday announced that its PBT and PAT for the year more than doubled vis a vis the previous year, despite lower sales.

The Chennai-based company that is part of AM International - Singapore, announced its annual results for FY2021 on Monday. PBT went up from Rs 70.53 in FY19-20 to Rs 169.84 crore in FY20-21 while PAT increased from Rs 55.08 crore to Rs 121.65 crore during the same period.

"The pandemic has impacted economic activities on a global scale. In these times TPL, in spite of the challenges, has performed well and with resilience. Having registered substantial growth through value addition in the second half of the year, it has doubled its profitability. I wish to congratulate the team for its performance in a tough environment and we will continue our progress in a sustainable and efficient manner. Safety and health of our employees, partners and customers would remain a top priority," Ashwin Muthiah, Vice Chairman – TPL and Founder Chairman, AM International, Singapore said.

TPL earned Rs 1155.37 crore revenue compared to INR 1233.21 crore during FY19-20. It added that during the last quarter of the year, on a gross revenue of Rs 352.55 crore the operating profits were Rs 74.19 crore and net profits Rs 62.73 crore.

Ravi, CEO, Petrochemicals Division of AM Group said that the impediments in material movements across the globe coupled with the market conditions curtailed the imports into India, giving TPL value additions, which they were denied for long "due to dumping of materials into the country."

The Board of TPL has recommended a higher dividend of 25% for FY20-21, (15% in the previous year) subject to approval of Members.