Chennai, Nov 2 (PTI) Petrochemical manufacturing firm Manali Petrochemicals Ltd reported a standalone profit after tax (PAT) at Rs 11.71 crore for the second quarter ending September 30, 2022, the company said on Wednesday.

The city-based company which is a part of the AM International, Singapore, had reported standalone PAT at Rs 119.62 crore during the corresponding quarter in the previous year.

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The standalone revenue during the quarter under review stood at Rs 267.22 crore, as against Rs 407.80 crore registered during the same period last financial year.

"With the downtrends continuing on global cues, sales and profitability continued to be under pressure during the above period," the company said in a statement here.

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Manali Petrochemicals Ltd MD Ravi said the downtrend in the economy impelled by global events continue to affect the performance, which is being experienced since the last quarter of the previous year.

Though sales volume could be maintained, product prices had been falling on the one hand and the input costs going up on the other, wearing down the margins, he said.

The company board approved proposals for investment in its wholly-owned subsidiary, AMCHEM Speciality Chemicals Pvt Ltd, Singapore, up to USD 35 million in one or more tranches for funding its overseas acquisition plans.

"MPL's performance during the quarter reflects the ongoing volatility at the macroeconomic level. In spite of the current macro-uncertainty, our robust business model will help us navigate the challenges successfully," MPL chairman Ashwin Muthiah said.

"The recent clearance from the Ministry of Environment, Forest and Climate Change, for the PG expansion project is a significant, much-awaited development. Together, these factors will enable us to create continued value for our entire stakeholder value chain," he said.

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