14th May 2024, Chennai / Mumbai: Tamilnadu Petroproducts Limited (TPL), Chennai based Petrochemical manufacturing company, announced its Audited Financial Results for the Fourth Quarter FY24 and for the year ended FY 2023-24 today.

Financials:

During FY2023-24, the Company earned ₹ 1696.86 crore in revenue as compared to ₹ 2169.50 crore during FY2022-23. Net profits registered at ₹ 42.78 crore as compared to ₹ 89.31 crore in FY2022-23. During the last quarter of the year, on gross revenue of ₹ 447.03 crore, the operating profits were ₹ 21.61 crore, and net profits were ₹ 10.96 crore. The operating performance reflects improved contribution amidst intense competition from cheaper imports and higher input costs.

The Company has incurred ₹ 18.61 crore during the year towards Plant restoration activities and ₹ 1.52 crore towards Asset Damage(Michaung cyclone – Dec’23). An amount of ₹ 4.59 crore has been received from the insurers as an adhoc amount pending assessment report from surveyor. This is recognized as an exceptional item.

Financial Performance
 
Dividend

The Board of TPL has recommended a dividend of ₹ 1.20 per share (12%) for FY23-24, subject to approval of the Members.
 

Leadership Comment:

Mr. Ashwin Muthiah, Vice Chairman - TPL and Founder Chairman, AM International, Singapore said, “The financial results have been moderate. however, the company has performed despite various external and unseen challenges. The business disruption and subsequent losses due to the cyclone affected us, but we were able to resume operations quickly. Our business operations continue to prioritize Health, Safety, Security, and Environment (HSSE) measures.

We remain committed to growth and profitability with a keen eye on sustainable manufacturing practices that will enhance our customer relationships. As a strategy, we are aligning with the government's Atmanirbhar Bharat mission to benefit from India's continuous growth story and deliver with a focus on clean science and innovation."