Tamilnadu Petroproducts clocks Rs 54.64 cr standalone net profit in Q1; revenue up 109%

Tamilnadu Petroproducts clocks Rs 54.64 cr standalone net profit in Q1; revenue up 109%

PTIUpdated: Tuesday, August 10, 2021, 07:03 PM IST
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Tamilnadu Petroproducts Ltd said in comparison to the last quarter of the previous year, the profits before tax (PBT) and profit after tax (PAT) for the quarter under review were higher by about 14 per cent and 44 per cent respectively without considering the exceptional credits in that quarter/ Representational image | File photo

Petrochemical manufacturing company Tamilnadu Petroproducts Ltd (TPL) has reported standalone profit after tax for the quarter ending June 30, 2021 at Rs. 54.64 crore.

The city-based company, part of Singapore-based AM International, had clocked standalone PAT at Rs. 12.41 crore during corresponding quarter previous year, the company said on Tuesday.

Revenues for the quarter under review grew to Rs. 464.37 crore from Rs. 221.67 crore registered same period year ago.

In a statement, the company said in comparison to the last quarter of the previous year, the profits before tax (PBT) and profit after tax (PAT) for the quarter under review were higher by about 14 per cent and 44 per cent respectively without considering the exceptional credits in that quarter.

Meanwhile in another development, the company said Industries Department Principal Secretary N Muruganandam has been appointed as non-executive chairman of the Board while Tamil Nadu Industrial Development Corporation (TIDCO) Chairman Pankaj Kumar Bansal and TIDCO general manager R Bhuvaneswari were appointed as the non-executive directors.

Tamilnadu Petroproducts Ltd posted an increase of about 32 per cent in its revenue in Q1-FY21-22 as over the preceding quarter and EBITDA went up by about 9.50 per cent compared to the preceding quarter of the previous financial year, which witnessed a strict lockdown and related restrictions, during the latest quarter the sales have doubled and the profits tripled, the statement said.

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