Panama Petrochem reported good numbers for Q1 of FY18. In an interview to CNBC-TV18, Hussein Rayani, Joint MD of the company spoke about the results and his outlook going forward.
We achieved sales of Rs 296 crore compared to Rs 196 crore in the same period last year, said Rayani.
He expects margins to stay healthy between 9 percent and 10 percent due to addition of newer and speciality products.
"We have plans for capacity expansion at all our existing units and also we have procured new land for further expansion," added Rayani.
On subsidiary front, he said Panol Industries is wholly owned subsidiary in Ras al Khaimah, UAE with an installed capacity of 30,000 metric tonne. This is a very modern infrastructure and going forward, there will be higher contribution from subsidiary company because of a lot of base oil refineries which are coming up in that region.
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