Tamilnadu Petroproducts shares under pressure as PAT dips 40% in Q2FY24

Chennai-based Tamilnadu Petroproducts Limited (TPL) has announced its second quarter results for FY2024 on Thursday.

 

The Company has posted a revenue of ₹441.35cr compared to ₹456.50cr in the preceding quarter and ₹607.65cr in the corresponding quarter of the previous year. PBT increased by 15% vis-à-vis Q1FY24. 

 

However, Profit after Tax (PAT) declined at ₹15.8cr in the quarter ended September 30, 2023 against ₹26.6cr in the year ago quarter.

 

Further, the operating performance reflects stable demand, efficient cost management, and reduced realizations in the context of higher energy and input costs, the company said.

 

Ashwin Muthiah, Vice Chairman – TPL and Founder Chairman, AM International, Singapore said: "In light of the ongoing global volatility and escalating raw material prices, we continue to confront margin pressures. Amidst this challenging macroeconomic backdrop, our foremost objective remains to serve our customers while sustaining revenues and keeping an eye on the bottom-line. Our ESG focus on transitioning to environmental-friendly manufacturing practices is a strategic long-term objective."

 

On Friday, at around 12:06 PM, Tamilnadu Petroproducts was trading marginally lower by 0.5% at ₹89.75 per share on the BSE.

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