Rising input costs and dampened demand due to surplus availability of imported petrochemical products are challenges to the business, according to a senior official of Manali Petrochemicals Ltd (MPL).
“Imports have reached pre-pandemic levels, and product prices have nosedived compared to the previous two years,” said Ashwin Muthiah, Chairman, MPL, adding that dampened demand for products, coupled with larger foreign supplies, have created a considerable gap in demand-supply.
He was addressing the shareholders at the company’s 37th Annual General Meeting. Muthiah said MPL’s overall sales and profitability in FY23 was lower than the previous two years, which were historically the best years.
“Our margins are continuously impacted by escalating global commodity prices triggered by persistent geopolitical complexities,” said Muthiah.
Chennai-based MPL is into manufacture of Propylene Glycol, Polyether Polyol and related substances, which are used as raw materials in…