Industrial chemicals manufacturer Tamilnadu Petroproducts Ltd July 31 posted a 97.7 per cent rise in its consolidated net profits for the April-June quarter to Rs 19.91 crore.
The city-based company had registered consolidated net profits at Rs 10.07 crore in the corresponding quarter of the previous year.
For the year ending March 31, 2019 consolidated net profits were at Rs 57.03 crore.
Consolidated total income for the April-June quarter grew to Rs 345.42 crore from Rs 278.07 crore registered in the same period of last fiscal.
For the full year ending March 31, 2019, total income was at Rs 1,255.46 crore. Commenting on the financial performance, company Vice Chairman, Ashwin Muthiah said "TPL has had a strong start to FY20. The results show that the company has bucked the general trend."
"This was achieved through our strategy of streamlining operations through prudent inventory management, improving plant efficiency and other cost effectiveness measures", he said. "..we would endeavour to maintain this trend for the rest of the year and continue to deliver value to our shareholders in the remaining quarters", he said.
The results were the company's best ever performance in the last 15 years, the release said.
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