Chennai, Jun 16 (PTI): Petrochemicals company Manali Petrochemicals Ltd on Tuesday announced standalone profits after tax for the January-March 2020 quarter at Rs 11.55 crore.

The city-based company engaged in manufacturing of propylene glycol and polyols had reported a standalone net profits at Rs 21.17 crore during corresponding period last year, MPL said in a BSE filing.

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For the full year ending March 31, 2020 standalone profits after tax dropped to Rs 38.64 crore from Rs 65.41 crore registered last year.

Total income for the quarter under review grew to Rs 183.01 crore from Rs 165.77 crore recorded in the same period last year.

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Total income for the full year ending March 31, 2020 stood at Rs 685.38 crore as against Rs 708.91 crore registered a year ago.

The board at its meeting on Tuesday recommended a dividend of 15 per cent for FY 2019-20.

The Board on the occasion also reappointed Muthukrishnan Ravi as the managing director for a period of three years upon completion of his current tenure on July 29.

The company said the COVID-19 enforced lockdown has impacted normal business operations of the company.

Commenting on the financial performance, MPL Chairman, Ashwin Muthiah said, "our team's resilience ensured that we continue to serve our customers even in such an extraordinary time alongside taking care of health and safety of employees."

"As we get back to normal operations, we hope to recover from his crisis at the earliest," he added.PTI VIJ SS

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