The Board of TPL has recommended a dividend of 10% for the year 2018-19 up from 5% in the previous year an increase of 100%.
Tamilnadu Petroproducts Limited (TPL), India’s leading industrial chemicals manufacturing company announced its annual audited results for the FY 2018-19, posting 15% increase in sales for the year and 28% during the last quarter vis-a-vis the corresponding periods in the previous year.
Quarterly and Annual Results:
Appointment of New Director
Shri Debendranath Sarangi IAS (Retd.) has joined the board as an Independent Director. An eminent bureaucrat who was the former Chief Secretary, Tamil Nadu and had held other senior positions in the State Government Currently, he serves as an independent director in leading companies like Voltas and is the Chairman and Independent Director of Shriram City Union Finance.
Ashwin Muthiah, Vice Chairman – TPL & Founder Chairman, AM International, Singapore informed ‘TPL’s good performance has been due to our increased production capacity and productivity. The focus on LAB and chloralkali business has helped us serve our customer set in a profitable yet responsible manner. We remain committed to reduce our input costs and continue in our path to healthy financial and operational performance.’
Welcoming Shri Sarangi to the Board, he said, “We look forward to strengthening the board through the presence of eminent and experienced people like Shri Sarangi. We are committed to having board members who provide guidance and wisdom to the executive leadership for the benefit of all the stakeholders and also as best corporate governance measure.
Developments during the year:
The year saw significant growth in sales. However, the earnings were impacted due to higher cost of feedstock and fuel, and the annual shutdown of LAB Plant for about three weeks. Additionally, the previous year profits included past insurance claims receipt of about Rs. 9.22 crore against Rs. 2.50 crore in the year under review.
During the year TPL completed the project for the conversion of its erstwhile ECH facilities to manufacture Propylene Oxide. With this, the Company has not only attained new capabilities but also brought into use an otherwise defunct facility, which had to be closed down in the year 2014 due to losses.