Chemicals manufacturing company Tamilnadu Petroproducts Ltd (TPL) has declared standalone net profit after tax at Rs 1.98 crore for January-March 31, 2020. The city-based firm had reported standalone net profit at Rs 11.39 crore during the corresponding quarter previous year.
For the full year ending March 31, 2020, net profit after tax was at Rs 55.08 crore as against Rs 54.27 crore recorded in the same period last year, Tamilnadu Petroproducts Ltd said in a BSE filing.
Total income for the fourth quarter ending March 31, 2020 slipped to Rs 263.40 crore from Rs 334.13 crore.
Total income for the year ending March 31, 2020 was at Rs 1,233.21 crore as compared to Rs 1,252.29 crore registered a year ago.
The board at its meeting on Monday recommended a dividend of 15 perbcent for the FY2019-20.
In a statement, the company said the lower sales was due to annual turnaround undertaken during the quarter ending March 31, 2020 and also no sales were reported during the last week of March due to COVID-19 enforced lockdown across the country.
On the impact of COVID-19 on its business, the company said it impacted normal business operations.
Operations of the units restarted in phases from the second week of April 2020 as per the government guidelines, the statement said.
The Board also appointed IAS officer Kakarla Usha as the non-executive chairperson.
Commenting on the financial performance, TPL Vice-Chairman Ashwin Muthiah said business performance is getting redefined in a post COVID-19 world.