Tamilnadu Petroproducts Ltd (TPL) has reported a significant drop in its standalone profit after tax at ₹28 crore for the quarter ended June 30, 2022, when compared with a PAT of ₹55 crore in the year-ago quarter
Its EBITDA (earnings before interest, depreciation and tax) plunged 46 per cent to ₹44 crore in this June quarter as against ₹81 crore in June 2021 quarter. PBT stood at ₹37 crore as compared to ₹74 crore.
Crude oil price hikes impacted the cost of raw materials and power & fuel, which resulted in an increase of total expenses of about 30 per cent in Q1 FY 22-23 over the preceding quarter.
“With a 28 per cent increase in topline (over the preceding quarter), we have been able to protect and grow our market share in a disciplined manner. With the severe hike in raw material costs, we are continuously working towards bettering our operational costs. As a result, we hope to improve our margins in the future,” said Muthukrishnan Ravi, CEO, Petrochemicals Division of AM International group.
Revenues grew 21 per cent
Its total revenue grew 21 per cent to ₹561 crore when compared with ₹464 crore in Q1 of the previous fiscal. But total expenses stood at ₹524 crore in June 2022 quarter as compared to ₹390 crore.
“In spite of the current geopolitical volatility and resultant hike in input costs, TPL has been able to demonstrate revenue growth. We are committed to serving our customers with minimum disruption with a value-added approach,” said Ashwin Muthiah, Vice Chairman – TPL and Founder Chairman, AM International, Singapore.