On Wednesday, the board approved proposals to invest up to $35 million in its wholly owned subsidiary, Emchem Specialty Chemicals Pvt Ltd. Ltd., Singapore
On Wednesday, the board approved proposals to invest up to $35 million in its wholly owned subsidiary, Emchem Specialty Chemicals Pvt Ltd. Ltd., Singapore
Manali Petrochemicals Limited, (MPL) standalone net profit for the second quarter ended September contracted by 90% to ₹12 crore after economic fallout and rise in raw material cost.
Revenue from operations declined 35% to ₹261 crore, while raw material costs rose 16% to ₹200 crore, a regulatory filing said.
“The deceleration in the economy driven by global events continues to impact performance, which is being experienced since the last quarter of last year. Though the sales volume could have been maintained, product prices were falling on one hand and input cost was rising on the other, reducing margins,” said Ravi, MD.
On Wednesday, the board approved proposals to invest up to $35 million in its wholly owned subsidiary, Emchem Specialty Chemicals Pvt Ltd. Ltd., Singapore to finance its overseas acquisition plans.
The board has Chandrashekhar as Whole Time Director and CFO.