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Manali Petrochemicals shares drop in double-digits after net profit nearly wiped out

Manali Petrochemicals shares drop in double-digits after net profit nearly wiped out

Manali Petrochemicals shares drop in double-digits after net profit nearly wiped out
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By CNBCTV18.com Nov 3, 2022 3:12:59 PM IST (Published)

Manali Petrochem's management said that the performance is a reflection of the ongoing volatility in the global macroeconomic environment.

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Manali Petrochemicals Ltd. shares tumbled over 14 percent in intraday trade on Thursday after the company reported a weak set of numbers for the September quarter.


The company’s net profit for the September quarter declined 90 percent to Rs 11.68 crore from Rs 117.28 crore in the year-ago quarter. When compared to the previous quarter, net profit was down 67.8 percent.

The company’s consolidated revenue was down 11.5 percent to Rs 292 crore from Rs 330.1 crore in the year-ago quarter. Compared to the previous quarter, it was down 33.8 percent.

Manali Petrochem's management said that the performance is a reflection of the ongoing volatility in the global macroeconomic environment.
In a separate development, the board of Manali Petrochemicals on approved the proposals to invest up to $35 million in its wholly-owned subsidiary, AMCHEM Speciality Chemicals Pvt. Ltd., Singapore, to fund its acquisition plans.

Following the earnings announcement, shares of Manali Petrochemicals lost as much as 14.4 percent in intra-day trade to hit a low of Rs 80.10. Shares are currently trading 10 percent lower

The stock has shed nearly 27.5 percent of its value in the last year compared to an over 1 percent rise in the benchmark Sensex during the same period.

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