Manali Petrochemicals Limited

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SPIC House, 88, Mount Road, Guindy, Chennai - 600 032 Telefax : 044 - 2235 1098 Website : www.manalipetro.com CIN : L24294TN1986PLC013087

Ref: MPL / Sectl / BSE & NSE / E-2 & E-3 / 2024 13th May 2024

The Manager, The Listing Department Listing Department, National Stock Exchange of India BSE Limited Limited Corporate Relationship Department Exchange Plaza, 5[th ] Floor, 1[st ] Floor, New Trading Ring Plot No. C/1, G Block, Rotunda Building, P J Tower, Bandra-Kurla Complex, Dalal Street, Fort, Bandra (East) Mumbai-400 001 Mumbai - 400 051 Stock Code: 500268 Stock Code: MAN ALIPETC

Dear Sir,

Sub: Outcome of Board Meeting held on 13[th ] May 2024.

The Board at its meeting held today approved the following:

1. Audited Financial Results

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the (Standalone and Consolidated) Audited March 2024. The Financial Results of the Company for the quarter and year ended 31 [st ] Reports of the Auditors and the declaration regarding unmodified opinion are also enclosed.

The above are also available on the Company's website www.manali1etro.com

2. Recommendation of Dividend

Board has recommended a dividend of Rs. 0.75 per equity share of Rs. 5/- each, fully paid-up, [15%], subject to the approval of the Members at the ensuing Annual General Meeting [AGM] in compliance with Companies (Declaration and Payment of Dividend) Rules, 2014.

The date of payment of the dividend will be informed in due course, upon finalization of the date of the AGM.

3. Change in DirectorfKMP:

a. Appointment of Mr. G R Sridhar (DIN: 10596912) as Additional Director & Whole Time Director (Operations):

Mr. G R Sridhar (DIN: 10596912) has been appointed as an Additional Director & Whole Time Director (Operations) of the Company with immediate effect i.e., 13[th ] May 2024 for a period of three years. Approval of the members will be obtained in compliance with Regulation 17(1)(c) of the SEBI Listing Regulations, 2015.

In accordance with the requirements specified by the Stock Exchanges, this is to confirm that Mr. G R Sridhar is not debarred from holding the office of directors by virtue of any SEBI order or any other such authority.

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Plant - l : Ponneri High Road, Manali, Chennai - 600 068 - --
Plant - 2 : Sathangadu Village, Manali, Chennai - 600 068
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ISO 9001:2015

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Manali Petrochemicals Limited

SPIC House, 88, Mount Road, Guindy, Chennai - 600 032 Telefax : 044 - 2235 1098 Website : www.manalipetro.com CIN : L24294TN1986PLC013087

b. Appointment of Mrs. K Lalitha as Chief Financial Officer of the Company: Mrs. K Lalitha, DGM - Finance has been appointed as Chief Financial Officer and Key Managerial personnel of the Company in compliance with Section 203 of the
Companies Act, 2013 with immediate effect i.e., 13[th ] May 2024.
c. R -desigation and appointment of Mr. R Chandrasekar as Managing Director: Mr. R Chandrasekar (DIN: 06374821), Whole Time Director & CFO has been
re-designated and appointed as Managing Director of the Company with immediate effect i.e., 13[th ] May 2024 for a period of three years. Approval of the members will be obtained in compliance with Regulation 17(1)(c) of the SEBI Listing Regulations, 2015. He will continue to be a Key Managerial personnel of the Company
Pursuant to the above, Mr. Chandrasekar is ceased to be a Chief Financial Officer of the Company with immediate effect i.e., 13[th ] May 2024.

4. Proposal for Postal Ballot:

To seek the approval of the Members of the Company through postal ballot process for the following:

Appointment of Mr. GR Sridhar (DIN: 10596912) as a Director & Whole Time Director (Operations) of the Company under Section 160, 196, 197 and 203 of the Companies Act, 2013, to comply with the stipulations under Regulation 17(1C) of the SEBI Listing Regulations, 2015.
a.
b. Re-designation and Appointment of Mr. R Chandrasekar (DIN: 06374821) as Managing Director of the Company
c. Payment of remuneration to Non-Executive Directors for the Financial Year 2023-24.

5. Setting up of additional Manufacturing facilities at Western Part of India

Declaration of unmodified opinion and large corporate borrowers are provided in Annexure B and Annexure C respectively.

The disclosures required to be given pursuant to SEBI circular SEBI/HO/CFD/CFD-P9D 1/P/CIR/2023/123 dated 13[th ] July 2023 are mentioned in Annexure A.

The meeting of Board of Directors commenced at 2.30 P.M. and concluded at 06:00 P.M.

We request you to kindly take the above on record.

Thanking you,

Yours faithfully,

For Manali Petrochemicals Limited

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R Swarninathan Company Secretary Encl.: As above

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Phone : 044 - 2594 1025 Fax : 044 - 2594 1199 E-mail: [email protected]

ISO 9001 :2015

Manali Petrochemicals Limited

Annexure A

Disclosures required to be given pursuant to SEBI circular SEBJO/CFD/CFD-PoD 1 CIR2023/23 dated 13th July 2023.

Reason for change viz. appointment,resignaton,removal		Appointment of Mr. G R Sridhar [DIN: 10596912]	Appointment of 13th May2024	Mrs. K Lalitha	Re-designation and appointment of R Chandrasekar[DIN: 06374821]	Mr.
Date of appointment		13th May 2024 Appointment of Mr. GR Sridhar as Additonal Director & Whole Time Director (Operations) for a period of tree years with immediate effect i.e., 13-05-2024 subject to approval of shareholders of the Company. Mr. G R Sridhar, aged 53 years is a qualified Chemical Engineer from Annamalai University joined the Company on 17th January 2022 as General Manager (Operatons). He has 33 years of experience and prior to joining MPL, he was associated wit Ultramarine Pigments as A V Operatons. Hehasrichexperience in production,maintenance, R&D, safety and environment.
Term of appointment
Brief profile Disclosure of relationships between director
		Mr. G R Sridhar does not hold any shares in the Company nor has any inter-se relatonship with other Directors.

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____ __ Chartered Accountants

Brahmayya&co•

Independent Auditor's Report

To the Board of Directors of The Manali Petrochemicals Limited Chennai.

Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Manali Petrochemicals Limited ("the company") for the quarter and year ended 3i[5t ] March 2024, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us these standalone annual financial results:

i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter and year ended 31[st ] March 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results

T : +91- 044 - 2813 1128 / 38 / 48 / 58 E: [email protected] I www.brahmayya.com

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

Page 1 of 4

_______ Chartered Accountants

Brahmayya&co-

Emphasis of Matter

Without qualifying the audit opinion, attention is invited to

Note No.4 to the standalone annual financial results, which explains the period of lease relating to the leasehold land on which one of the manufacturing units of the Company (Unit11) is operating has since expired on June 30, 2017, for which requests for renewal have been filed by the Company with Govt. of Tamil Nadu (the Lessor), and extension of lease is awaited. Pending renewal of lease, no adjustments have been made in the financial results for the year for any potential impact of non-renewal of land lease which is unascertainable at this point of time. Further the management is confident of obtaining the renewal of lease of land in the due course, relying on the same the implementation of Ind AS 116- Leases has been based on lease renewal period applied and current lease rent payments as per the latest demand.

Note No 5 to the standalone annual financial results, which explains the implications of floods {Cyclone Michaung) affecting the production plants. As per the claim filed by the Company, the damages to inventories and Property, Plant and Equipment are currently under assessment by the insurer, pending the same the inventories and the Property, Plant and Equipment are carried at book values and the costs incurred towards repairs for commencing the operations after the Cyclone is treated as insurance receivable. Thus, the overall implications that may arise on the eventual approval of Company's claim by the insurer is unascertainable at this point in time hence, no adjustments have been made in the financial results.

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results

These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.

The Company's Board of Directors is responsible for the preparation of these standalone annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

T: +91- 044 - 2813 1128 / 38 / 48 / 58 �-;;,lt,l;,m [email protected] I www.brahmayya.com

Page 2 of 4

Brahmayya&coChartered Accountants

accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone annual financial results, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

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T:+91-044-2813 1128/38/48/58 [email protected] I www.brahmayya.com

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai -600 014. India.

Page 3 of 4

Brahmayya&co• __ Chartered Accountants

Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The standalone annual financial Results include the results for the quarter ended 31[st ] March 2024 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the financial year which were subject to limited review by us.

For Brahmayya& Co., Chartered Accountants

Firm Registration No. 000511S

Place : Chennai Date : May 13, 2024

N Sri Kris Partner Membership No. 026575 UDIN: '-4O1...�g�c:..:rrs_ 4b �')

T :+91-044-28131128 I 38148 I 58 E: [email protected] I www.brahmayya.com

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

Page 4 of 4

MANALI PETROCHEMICALS LIMITED

Registered Office: SPIC HOUSE, 88, Mount Road, Guindy, Chennai - 600 032 Telefax: 044-2235 1098 E-mail: [email protected] Website: www.manalipetro.com Corporate Identity Number: L24294TN1986PLC013087

Statement of Standalone Financial Results for the Quarter and Year ended	Statement of Standalone Financial Results for the Quarter and Year ended	Statement of Standalone Financial Results for the Quarter and Year ended	Statement of Standalone Financial Results for the Quarter and Year ended	31.03.2024	31.03.2024	[Rs. in Lakh	[Rs. in Lakh
S.No Particulars 1 Revenue from Operations 2 other Income 3 Total Income (1+2) 4 Expenses Cost of materials consumed Changes in inventories of finished qoods and work-in- UtilitExpenses Employee benefits expense				Three Months ended Audited# Unaudited Audited# 31-Mar-24 31-Dec-23 31-Mar-23 19,048 15,525 26,639 836 500 455		Year Ended Audited
				Audited# Unaudited
				31-Mar-24 31-Dec-23 19,048 15,525 836 500		31-Mar-24 31-Mar-23 79,763 1,02,906 2,443 2,712 82,206 1,05,618
					26,639
	other Income Total Income (1+2) Expenses				455
				19,884 16,025	27,094

	Cost of materials consumed Changes in inventories of finished qoods and work-in- UtilitExpenses	progress		14,183 12,072 (932) (902)	18,166 60,407		76,379
					2,729	(1,072) 10,376 3,729	(1,935) 11,316
				2.492 2,426	2,506
	Employee benefits expense			941 921 241 195 562 525	1,054		3,562
	Finance costs Depreciation and amortization expense				184	803	845 2,179
					569	2,127
	Other expenses			1,702 1,358	1,661	6,040	6,552
	Total Expenses			19,189 16,595 695 (570) (554) -	26,869	82,410	98,898
5 6	ProfitI(Loss) Before Exceptional items and Taxes (3-) Exceptional Items(Refer Note no. 6)				225	(204)	6,720 -
					- 225	(554)
7 8	Profit/ (Loss) Before Tax (5+6) Tax Expense			141 (570)		(758)	6,720

	Current tax			60 -	141	60	1,904
	Short/(Excess) provision for tax relatingtoprioryears			37 (23)	-	13 (170)
	Deferredtax Net tax expense			247 (120) 344 (143)	(49) 92 94 167		(96) 1,638
9 10	Profit/ (Loss) for the period (7-8) other Comprehensive Income Items that will not be classified toprofit or(loss)			(203) (427)	133 (925)		5,081

	Changes in Fair Value of EquityInvestments			1 1	1 3		1
	Profit on sale of Investment			1 ~~-~~	- 1		~~-~~
11 12 13	Remeasurement Cost of defined benefts Income Tax relating to items that will not be re-classified to Proft or Total Comprehensive Income for theperiod(9+10)		Loss	(6) 39	193 (34)		181
				1 (10) (206) (397)	(49) 277 8 (947)		(46) 5,217
	Paid-up equitysharecapital(Face valueofRs.5/-each)			8,603 8,603	8,603 8,603		8,603
	other EquityexcludingRevaluation Reseres as at 31st March				88,628		90,867
14	Earnings PerShare of Rs. 5/- each(Basic and Liluted)(Not annuallsed)			(0.12) (0.25)	0.08 (0.54)		2.95

Refer note no.: 8

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Notes:

1 Statement of Standalone Assets and Liabilities as at March 31, 2024

	1 Statement of Standalone Assets and Liabilities as at March 31, 2024	1 Statement of Standalone Assets and Liabilities as at March 31, 2024
			{Rs.InLakh}
Pariculars A. ASSETS I Non Current Assets a) Property, Plant and Equipment (refer note no 5) b) Capital work-in-progress c) Right of Use Assets d) Investment Property e) Financial Assets: i) Investments ii) Other Financial Assets f Other Non-Current Assets	Pariculars			As at As at March 31 2024 March 31, 2023
				Audited
				21,445 1,705 5,247 - 40,213 676 2,098	20,009 2,261 4,725 - 39,853 637 1,899
TOTAL NON-CURRENT ASSETS				71,384	69,384
II Current Assets a) Inventories (refer note no 5) b) Financial Assets: i) Current Investments ii) Trade Receivables iii) Cash and Cash Equivalents iv) Bank balances other than ii) above v) Loans vi) Other Financial Assets (refer note no 5) c) Other Current Assets d) Investments heldfor sale TOTAL CURRENT ASSETS TOT AL ASSETS B. EQUITY AND LIABILITIES I Equity a) Equity Share Capital b) Other Equity				8,427 2,517 7,228 20,311 5,857 30 610 1,272 -	7,782 - 10,743 26,970 660 33 215 1,431 46
	TOTAL CURRENT ASSETS			46,252	47,880
	TOT AL ASSETS			1,17,636	1,17,264
	EQUITY AND LIABILITIES Equity Equity Share Capital Other Equity			8,603 88.628	8,603 90,867
	TOT AL-EQUITY		97,231		99,470
II LI abilities II.A Non-Current Liabilities a) Financial Liabilities i) Long-Term Lease Liabilities ii) Other Financial Liabilities b) Provisions c) Deferred Tax Liabilities (net) d) Other Non-Current Liabilities			6,896 6,441 69 69 352 510 141 47 289 321
TOTAL NON-CURRENT LIABILITIES II. B Current Liabilities a) Financial Liabilities i) Borrowings ii) Short-Term Lease Liabilities iii) Trade Payables 1Total outstanding dues to Micro Enterprises and Small Enterprises 2Total outstanding dues to creditors other than Micro Enterprises and Small Enterprises iv) Other Financial Liabilities b) Other Current Liabilities c) Provisions		TOTAL NON-CURRENT LIABILITIES	7,747 7,388
			2,229 660 399 358 197 235 3,803 3,731 1,743 1,008 2,133 2,391 2,154 2,023 12,658 10,406
TOTAL CURRENT LIABILITIES
TOT AL LIABILITIES				20,405 17,794
TOTAL EQUITY AND LIABILITIES				1,17,636 1,17,264

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2 Statement of Standalone Cash Flow as at March 31, 2024

	2 Statement of Standalone Cash Flow as at March 31, 2024
		{Rs. In Lakh}
A.	Pariculars CASH FLOW FROM OPERATING ACTIVITIES Profit before Tax Adjustments for Depreciation Provisions no longer required written back Dividend income - Mutual Funds Finance costs Remeasurement Cost of net defined benefits Interest income Provision for doubtful debts Profit on sale of investment Net unrealised exchange (gain) / loss Loss on sale / write-off of assets Operating Profit Changes in Working Capital Adjustments for (increase)/ decrease in operating assets Inventories Trade Receivables Other Financial Assets Other Current Assets Other Non-Current Assets Adjustments for increase/ (decrease) in operating liabilities Trade payables Other financial liabilities Other Current liabilities Short-term provisions Lease Liabilities Other Non Financial Liabilities Long-term provisions Net income tax paid	For the year ended For the period ended March 31 2024 March 31 2023
		Audited (758) 6,720 2,127 2,179 (238) (388) (17) - 803 845 (34) 181 (2,032) (2,138) 2 -
		(1) - 3 2 8 - (137) 7,401 (645) (870) 3,512 2,614 (432) (38) 159 (570) 95 152 31 (1,590) 735 603 (45) (1,170) 131 (1) (487) (1) (32) (32) (158) 51 (435) (2,129)
	Net cash from / (usedin) Operating activities [A]	2,293 4,421
B.	CASH FLOW FROM INVESTING ACTIVITIES Capital expenditure on Property, Plant & Equipments, including capital advances Investments in Equity shares Investments in Mutual Funds (Current Investment) Interest income Bank balances not considered as cash and cash equivalents	(2,450) (4,346) (312) (28,853) (2,500) 2,032 2,138 (5,196' (136)
	Net cash from/(used in) Investing activities[Bl	(8,426) (31,197)
C.	CASH FLOW FROM FINANCING ACTIVITIES (Repayment) / Proceeds from Short-term borrowings Interest paid Dividendpaid	1,569 (986) (803) (845) (1,291) (4,301)
	Net cash from /(used in) Financing Activities[C]	(525) (6,132)

	Net(decrease)/ increase in cash and cash equivalents=(A+B+C)	(6,658) (32,908)
	Cash and cash equivalents at the beginning of theperiod	26,969 59,877
	Cash and cash eauivalents at the end of theperiod	20,311 26,969
	Components of Cash& Cash Equivalents:
	Cash on hand Balances in Fixed deposit original maturity period less than 3 months Balance(s) In EEFC accounts Total Cash and Cash Equivalents .hPYY4_	1 20,310 -	1 26,901 67
		20,311	26,969

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Notes to Standalone Financial Results:

3 Review and approval of the financial results:

The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on May 13, 2024 and have been audited by the Statutory Auditors of the Company.

4 Leasehold Land:

The period of lease relating to the leasehold land expired on June 30, 2017 for which request for renewal for a further period of 30 years has been filed by the Company with Government of Tamil Nadu, which is under process. Pending renewal, lease rent has been paid till 30th June 2024 and has been accepted by the Government. Further, during the previous quarter, the Company received a notice of Rs. 388 lakhs as arrears of lease rent computed from beginning of lease viz., 01.07.1987 upto 30.06.2023, for which the payment has been made after adjusting the previous remittances. The Management is confident that renewal of the lease will be granted as requested as the land has been put to use for the specific purpose for which it has been allotted and hence no adjustments for impact of non-renewal, (which however is unascertainable at this point in time), are necessary in the financial results.

The company has adopted Ind AS 116 "Leases" with effective from 01.04.2021 considering that the lease would be renewed and lease rent obligations as per the demand notice received in financial year 2021-22. Accordingly, the Right of Use Asset value and corresponding lease liability based on the revisions as per demand notice have been recognised in the financial year 2021-22. Accordingly, the company has reassessed the lease liability obligations as per the latest demand notice and additional lease liability of Rs. 431 lakhs and Right of Use Asset of Rs. 431 lakhs has been recognised in the financial results. Adjustments, if any necessitated by the actual terms of the renewal would be made in due course, on receipt of the same from the Government.

The Auditors have included an Emphasis of Matter para on the same in their Audit Report.

5 The manufacturing plants of the company have been affected by the floods (Cyclone Michaung) in the month of December 2023 caused temporary disruptions to the plant operations including certain damages. The company resumed plant operations in a phased manner during December 2023 and entire plant operations started in January 2024 after carrying out repairs. The company has assessed the damages to the PPE and Inventories for which claims have been lodged with the insurer which is currently under evaluation. Pending determination of the eventual damage as adjusted for salvages, the PPE and Inventories are continued to be carried at book values and further the repairs incurred amounting to Rs. 349 lakh is carried as Insurance receivable (net of interim claim received amount Rs. 300 lakhs), in view of which the impact on the financial results is unascertainable, accordingly no adjustments have been made in the financial results in this regard.

The Auditors have included an Emphasis of Matter para on the same in their Audit Report.

6 Exceptional Items:

During the current financial year, the company has provided for the Unspent Corporate Social Responsibility (CSR) obligations for the earlier years amounting to Rs. 554 lakh (already funded to the designated bank account as per CSR Rules) and the same has been shown as exceptional items for the current year.
7 Segment reporing:
The Company is exclusively engaged in the business of Manufacture and sale of Petrochemical products primarily in India. As per Ind AS 108 "Operating Segments" specified under Section 133 of the Companies Act, 2013, there are no reportable operational or geographical segments applicable to the Company.
8 The figures for quarters ended 31st March are the balancing figures between audited annual figures of the full financial year and the published year-to-date figures up to the third quarter of the respective financial years.

9 Dividend:

The Board of Directors has recommended a final dividend of Re. 0.75 (15%) per share on 17, 19,99,229 equity shares of Rs. 5/- each for the financial year 2023-24, subject to approval of Members at the Annual General Meeting.

�

1 O Previous period / year figures have been regrouped, wherever necessary.

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Place: Chennai Date: May 13, 2024

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For Manali Petrochemicals Limited
R Chandrasekar
Managing Director
DIN 06374821
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Brahmayya&co-

__ _ _ _ _ _ _ ___ Chartered Accountants

Independent Auditor's Report

To the Board of Directors of The Manali Petrochemicals Limited Chennai.

Report on the Audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Manali Petrochemicals Limited (hereinafter referred to as the 'Holding Company"} and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"}, for the quarter and year ended 31[st ] March 2024, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015, as amended ('Listing Regulations'}.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements of the subsidiaries, the aforesaid consolidated annual financial results:

i. include the annual financial results of the following subsidiaries;

Name of the Entity AMCHEM Speciality Chemicals Private Limited, Singapore Notedome Limited,UK		% of Holding	Relationship Wholly Owned Subsidiary
		100%
	100%		Step Down Subsidiary StepDown Subsidiary
Penn-White Limited ,UK Penn Globe Limited,UK*	100% 100%
			StepDown Subsidiary
Manali Speciality Private Limited, India (w.e.f 23.06.2023)	100% 100% 100%		Wholly Owned Subsidiary Step Down Subsidiary
Notedome Europe GmbH, Germany (w.e.f 11.07.2023)
Pennwhite India Private Limited,India			Step Down Subsidiary

As at 31.03.2024,under strike off through voluntary liquidation and dissolved on 23 [rd ]* April 2024

ii. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

iii. give a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Group for the quarter and year ended 31[st ] March 2024.

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

T : +91- 044 - 2813 1128 / 38 / 48 / 58

Page 1 of 6

E: [email protected] I www.brahmayya.com

______ Chartered Accountants

Brahmayya&co•

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing {SAs) specified under section 143(10) of the Companies Act, 2013 ("Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Emphasis of Matter

Without qualifying the audit opinion, attention is invited to

i. Note No.5 to the consolidated annual financial results, which explains the period of lease relating to the leasehold land on which one of the manufacturing units of the Holding Company (Unit-II) is operating has since expired on June 30, 2017, for which requests for renewal have been filed by the holding company with Govt. of Tamil Nadu (the Lessor), and extension of lease is awaited. Pending renewal of lease, no adjustments have been made in the Group's financial results for the year for any potential impact of non-renewal of land lease which is unascertainable at this point of time. Further the management is confident of obtaining the renewal of lease of land in the due course, relying on the same the implementation of Ind AS 116- Leases has been based on lease renewal period applied and current lease rent payments as per the latest demand
ii. Note No 6 to the consolidated annual financial results, which explains the implications of floods (Cyclone Michaung) affecting the holding company's production plants. As per the claim filed by the Management the damages to inventories and Property, Plant and Equipment are currently under assessment by the insurer, pending the same the inventories and the Property, Plant and Equipment are carried at book values and the costs incurred towards repairs for commencing the operations after the Cyclone is treated as insurance receivable. Thus, the overall implications that may arise on the eventual approval of holding company's claim by the insurer is unascertainable at this point in time hence, no adjustments have been made in the financial results.

Management's and Board of Directors' Responsibilities for the Consolidated Financial Results

These Consolidated annual financial results have been prepared on the basis of the consolidated annual audited financial statements. The Holding Company's Board of Directors is responsible for the preparation and presentation of these consolidated • • suits that give a true and fair

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48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

Brahmayya&co-

__ _ _ _ ___ Chartered Accountants

view of the net profit and other comprehensive income and other financial information of the Group in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group is responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group is responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors of the companies included in the Group is responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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T:+91-044-2813 1128/38/48/58 E: [email protected] I www.brahmayya.com

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

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Brahmayya&co-

_ _ _ _ _ _ _ Chartered Accountants

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of Holding Company of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

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48, Masilamani Road, Balaji Nagar, Royapettah, Chennai -600 014. India.

T :+91-044- 2813 1128 / 38 / 48/ 58 [email protected] I www.brahmayya.com

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__ ___ _____ Chartered Accountants

Brahmayya&co-

Other Matter

1) The consolidated Financial Results include the audited Financial Results of three subsidiaries located outside India and one subsidiary incorporated in India, whose Financial Statements reflect Group's share of total assets of Rs.66,643 Lakhs as at 3i[5t ] March 2024, Group's share of total revenue of and Rs.32,212 Lakhs, Group's share of total net profit after tax of Rs. 10,469 Lakhs, Groups Share of total comprehensive income of Rs 10,469 Lakhs and Group's share of net cash flows of Rs.3,357 Lakhs for the year ended 31[st ] March 2024, as considered in the consolidated financial results, which have been audited by their respective independent auditors. The independent auditors' reports on financial statements of these entities have been furnished to us by the management and our opinion on the consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

The financial statements and other financial information of these three foreign subsidiaries have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company are audited by us.

Our opinion on the consolidated financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

The consolidated annual financial results include the financial results of three subsidiaries which have not been reviewed/audited by their auditors, whose financial information/results reflect Group's share of total assets of Rs. 20 Lakhs as at 31[st ] March 2024, total revenue of Rs. nil Lakhs, total net loss after tax of Rs. 3 Lakhs and total comprehensive loss of Rs. 3 Lakhs and Group's share of net cash flows of Rs.21 Lakhs for the year ended 31[st ] March 2024, as considered in the consolidated annual financial results.

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48, Masilamani Road, Balaji Nagar, Royapettah, Chennai -600 014. India.

T:+91-044-2813 1128/38/48/58

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E: [email protected] I www.brahmayya.com

Brahmayya&co-

___ ___ Chartered Accountants

2) The Consolidated Financial Results include the results for the quarter ended 31[st ] March 2024 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For Brahmayya& Co., Chartered Accountants

Firm Registration No. 000511S

N Sri Krish

Place : Chennai Date : May 13, 2024

Partner Membership No. 026575 UDIN : 2-4-o'lJ:,S'�Q\r::.C::f"\°f':}-&�

T : +91- 044 - 2813 1128 / 38 / 48 / 58 E : [email protected] I www.brahmayya.com

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

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MANALI PETROCHEMICALS LIMITED

Registered Office: SPIC HOUSE, 88, Mount Road, Guindy, Chennai - 600 032 Telefax: 044-2235 1098 E-mail: Parent [email protected] Website: w .manalipetro.com Corporate lde�tity Number : L24294TN1986PLC013087

Statement of Consolidated Financial Results for the Quarer and Year ended 31.03.2024	Statement of Consolidated Financial Results for the Quarer and Year ended 31.03.2024	Statement of Consolidated Financial Results for the Quarer and Year ended 31.03.2024	Statement of Consolidated Financial Results for the Quarer and Year ended 31.03.2024		[Rs. in Lakh]	[Rs. in Lakh]	[Rs. in Lakh]	[Rs. in Lakh]
S.No Pariculars					Three Months ended Unaudited 31-Dec-23 Audited# 31-Mar-23 Year ended Audited 31-Mar-24 31-Mar-23
			Audited# Unaudited 31-Mar-24 31-Dec-23 25,628 20,475		Unaudited 31-Dec-23
1 2	Revenue from Operations					33,352 525 1,03,235 1,17,709 2,916 2,806
	other Income		635 772
3	Total lncome (1+2)		26,263 21,247			33,877 1,06,151 1,20,515
4	Expenses
	Cost of materials consumed		17,164 14,644					87,072
	Changes in inventories of~~f~~nishedgoods and work-in-progress							(3,155) 11,528
	Utility Expenses		2,572 2,469 2,568 10,579
	Employee benefits expense		2,142 1,842 1,893 7,742					6,022
	Finance costs		299 226 240 960					922
	Depreciation and amortization expense		713 609 651 2,532					2,317
	Other expenses		2,736 2,009 3,205 8,999					8,812
	Total Expenses		24,909 20,794 33,636 1,02,262 1,13,518
5	Profit/(Loss) Before Exceptional items and Tax(3-4)		1,354 453 241 3,889					6,997 -
6	Exceptional Items(Refer Note no.	7)		(554) ~~-~~ - (554)
7	Profit/(Loss) Before Tax(5+6)			800 453 241 3,335				6,997
8	Tax Expense Current tax			387 302 36 (23) 247 (120) 339 (9) (43) 1,307 13 94				2,199

	Excessprovision for tax relatingtoprioryears written back							(180)
	Deferred tax							(90)
	Net tax expense			670 159 287 1,414				1,929
9 10	Profit(Loss) for theperiod(7 -8)			130 294 (46) 1,921				5,068
	Other Comprehensive Income Items that will not be re-classified to profit or (loss) Changes in Fair Value of EquityInvestments
				1 1 1 - (5) 39 1 (10) 1 ~~-~~ 193 (49) 3 1 (34) 8
								1 - 181
	Profit on sale of Investment
11 12	Remeasurement Cost of defined benefits Income Tax relating to items that will not be re-classified to Profit or Loss Items that will be re-classified to profit or (loss) Changes in Foreign CurrencyTranslation
							(49) 8	(46)

				168 644			172 271 1,125 3,024	491 5,694
	TotalComprehensive Income for the period (9+10)			296 968
	Paid-upequityshare capital(Face value of Rs.5/- each)		8,603 8,603				8,603 8,603	8,603
13	Other EquityexcludingRevaluation Reserves as at 31st March						97,567	95,834
14	EaringsPer Share of Rs. 5/- each {Basic and Diluted, Not annualised)		0.08 0.17				(0.03) 1.;� 2.95
			0 :

• For :. • 1 Only � .,..1) .... 'f; >� �� lf1:o J,.CC[O ]

•

Notes:

1 Statement of Consolidated Assets and Liabilities for the Period ended March 31, 2024

	1 Statement of Consolidated Assets and Liabilities for the Period ended March 31, 2024	1 Statement of Consolidated Assets and Liabilities for the Period ended March 31, 2024	1 Statement of Consolidated Assets and Liabilities for the Period ended March 31, 2024	1 Statement of Consolidated Assets and Liabilities for the Period ended March 31, 2024	1 Statement of Consolidated Assets and Liabilities for the Period ended March 31, 2024	1 Statement of Consolidated Assets and Liabilities for the Period ended March 31, 2024
	rRs. In Lakh]
A. I a) b) c) d) e) f) i) ii) I�)	Particulars As at As at March 312024 March 31 2023 Audited ASSETS Non Current Assets Property, Plant and Equipment (Refer Note no. 6) 22,821 21,458 Capital work-in-progress 1,705 2,261 Right of Use Assets 5,921 5,581 Investment Property - - Goodwill on Consolidation (Refer Note no. 12) 27,109 28,141 Financial Assets: Investments 361 1 Other Financial Assets 676 637 Other non-current assets 2098 1,899				As at March 31 2023
				Audited 22,821 1,705 5,921 - 27,109 361 676 2098		21,458 2,261 5,581 - 28,141 1 637 1,899
				60,691 10,844 2,517 12,102 36,385 5,857 31 665 1,745 -		59,978
						10,878 - 15,932 37,807 661 39 242 1,835 46
TOTAL CURRENT ASSETS TOTAL ASSETS		70,146 1,30,837				67,440
						1,27,418

B. EQUITY AND LIABILITIES I Equity a) Equity share capital b) Other Equity			8,603 97,567			8,603 95,834
TOTAL-EQUITY II Liabilities II.A Non-Current Liabilities a) Financial Liabilities i) Long-Term Lease Liabilities ii) Other Financial Liabilities b) Provisions c) Deferred Tax Liabilities (net) d) Other non-current Liabilities			1,06,170			1,04,437
			7,479 69 352 206 289			7,305 69 509 112 321
TOTAL NON-CURRENT LIABILITIES			8,395			8,316
II.B Current Liabilities a) Financial Liabilities i) Borrowings ii) Shor-Term Lease Liabilities iii) Trade Payables 1 Total outstanding dues of Micro Enterprises and Small Enterprises 2 Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises iii) Other financial liabilities b) Other current liabilities c) Provisions d) Current Tax Liabilities(Net) TOTAL CURRENT LIABILITIES TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES			2,229 597 197 5,827 1,743 2,266 2,193 1,220			660 358 235 5,889 2,484 2,932 2,060 47
	TOTAL CURRENT LIABILITIES TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES		16,272			14,665
			24,667 1,30,837			22,981
						1,27,418

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2 Consolidated Statement of Cash Flow for the Period ended March 31, 2024

		!Rs In Lakh] For the year ended For the year ended March 31 2024 March 31 2023 Audited 3,335 2,532 (238) (17) 960 (34) (2,413) 165 (1) 254 225 4,767 34 3,665 (454) 90 (122) (100) 690 (919) 133 (570) 63 81 (1,058) 6,299 (2,571) (311) (2,500) 2,413 - (5.196) 18,164 1,569 (960) 11,291) (6821 12,547} 37,807 1,125 36,385 5,905 30,479 36,385 6,997 2,317 (388) - 922 181 (2,138) 27 - 58 1 7,977 359 2,612 (685) 5,364 902 (6,166) 2,506 (730) 37 404 (897) 50 12,546) 9,187 (4,453) (35) - 2,138 (24,179) (136; ·,26,666] (1,207) (922) 14,301' ~~/~~6,43(1 (23,908) 61,224 491 37,807 2,526 67 3	!Rs In Lakh] For the year ended For the year ended March 31 2024 March 31 2023 Audited 3,335 2,532 (238) (17) 960 (34) (2,413) 165 (1) 254 225 4,767 34 3,665 (454) 90 (122) (100) 690 (919) 133 (570) 63 81 (1,058) 6,299 (2,571) (311) (2,500) 2,413 - (5.196) 18,164 1,569 (960) 11,291) (6821 12,547} 37,807 1,125 36,385 5,905 30,479 36,385 6,997 2,317 (388) - 922 181 (2,138) 27 - 58 1 7,977 359 2,612 (685) 5,364 902 (6,166) 2,506 (730) 37 404 (897) 50 12,546) 9,187 (4,453) (35) - 2,138 (24,179) (136; ·,26,666] (1,207) (922) 14,301' ~~/~~6,43(1 (23,908) 61,224 491 37,807 2,526 67 3
	Pariculars	For the year ended For the year ended March 31 2024 March 31 2023
		Audited 3,335 2,532 (238) (17) 960 (34) (2,413) 165 (1) 254 225 4,767 34 6,997 2,317 (388) - 922 181 (2,138) 27 - 58 1 7,977 359
A.	CASH FLOW FROM OPERATING ACTIVITIES Profit before Tax Adjustments for Depreciation Provisions no longer required written back Dividend income - Mutual Funds Finance costs Remeasurement Cost of net defined employee benefits Interest income Provision for doubtful debts Profit on sale of investments Net unrealised exchange (gain)/ loss Loss on sale / write-off of assets OperatingProfit Changes inWorking Capital Adjustments for (increase) I decrease in operatingassets Inventories
	Trade Receivables Other Financial Assets Other Current Assets Other Non-Current Assets Adjustments for increase/ (decrease) in operating liabilities Trade payables Other financial liabilities Other Current liabilities Short-term provisions
B.	Lease Liabilities Other Non Financial Liabilities Long-term provisions Net income tax paid	(570) 63 81 (1,058) 404 (897) 50 12,546)
	Net cash from / {used in\ Ooeratina activities lAl CASH FLOW FROM INVESTING ACTIVITIES Capital expenditure on Property, Plant & Equipments, including capital advances Net proceeds from Investments in Equity shares Investments in Mutual Funds Interest income Cash paid to acquire subsidiary Bank balances not considered as cash and cash equivalents	6,299 (2,571) (311) (2,500) 2,413 - (5.196) 9,187 (4,453) (35) - 2,138 (24,179) (136;
C.	Net cash from / /used in) lnvestina activities 181 CASH FLOW FROM FINANCING ACTIVITIES (Repayment) / Proceeds from Short-term borrowings Interest paid Dividendcaid
	Netcash from I(used in)Flnanclna Activities !Cl
	Net (decrease)/ Increase In cash and cash equivalents = (A+B+Cl Cashand cash eauivalents at thebeginning of thePeriod
	Efect of Changes in Foreion CurrencvTranslation(FCTR)
	Cash and cash eaulvalents at the end of theceriod
	Components of Cash & Cash Equivalents:
	Cash on hand Balance(s) In current accounts (including debit balance(s) in cash credit) Balance(s) In EEFC accounts Balances in Fixed deposit original maturity period less than 3 months 0vFY YA � Total Cash and Cash E uivalents f' O	5,905 30,479	2,526 67 3
		36,385

Notes to Consolidated Financial Results:

3 These consolidated annual financial results relate to Manali Petrochemicals Limited (the ' Holding Company') and its subsidiaries / step-down subsidiaries, 1.) AMCHEM Speciality Chemicals Private Limited, Singapore, 2.) Notedome Limited, UK, 3.) Notedome Europe GmbH, Germany, 4.) Penn Globe Limited, UK, 5.) Penn White Limited, UK, 6.) Penn White India, India and 7.) Manali Speciality Private Limited, India.
4 Review and Approval of the annual financial results:
The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on May 13, 2024, respectively and have been Audited by the Statutory Auditors of the Company.
5 Leasehold Land:

The period of lease relating to the leasehold land expired on June 30, 2017 for which request for renewal for a further period of 30 years has been filed by the Holding Company with Government of Tamil Nadu, which is under process. Pending renewal, lease rent has been paid till 30th June 2024 and has been accepted by the Government. Further, during the previous quarter, the holding Company received a notice of Rs. 388 lakhs as arrears of lease rent computed from beginning of lease viz., 01.07.1987 upto 30.06.2023, for which the payment has been made after adjusting the previous remittances. The Management is confident that renewal of the lease will be granted as requested as the land has been put to use for the specific purpose for which it has been allotted and hence no adjustments for impact of non-renewal, (which however is unascertainable at this point in time), are necessary in the financial results.

The Holding company has adopted Ind AS 116 "Leases" with effective from 01.04.2021 considering that the lease would be renewed and lease rent obligations as per the demand notice received in financial year 2021-22. Accordingly, the Right of Use Asset value and corresponding lease liability based on the revisions as per demand notice have been recognised in the financial year 2021-22. Accordingly, the holding company has reassessed the lease liability obligations as per the latest demand notice and additional lease liability of Rs. 431 lakhs and Right of Use Asset of Rs. 431 lakhs has been recognised in the financial results. Adjustments, if any necessitated by the actual terms of the renewal would be made in due course, on receipt of the same from the Government.

The Auditors have included an Emphasis of Matter para on the same in their Audit Report.

6 The manufacturing plants of the holding company have been affected by the floods (Cyclone Michaung) in the month of December 2023 caused temporary disruptions to the plant operations including certain damages. The holding company resumed plant operations in a phased manner during December 2023 and entire plant operations started in January 2024 after carrying out repairs. The holding company has assessed the damages to the Property, Plant & Equipment (PPE) and Inventories for which claims have been lodged with the insurer which is currently under evaluation. Pending determination of the eventual damage as adjusted for salvages, the PPE and Inventories are continued to be carried at book values and further the repairs incurred amounting to Rs. 349 lakh is carried as Insurance receivable (net of interim claim received amount Rs. 300 lakhs), in view of which the impact on the financial results is unascertainable, accordingly no adjustments have been made in the financial results in this regard.

The Auditors have included an Emphasis of Matter para on the same in their Audit Report.

7 Exceptional Items:
During the current financial year, the company has provided for the Unspent Corporate Social Responsibility (CSR) obligations for the earlier years amounting to Rs. 554 lakh
� (already funded to the designated bank account as per CSR Rules) and the same has been shown as exceptional items for the current

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Notes to Consolidated Financial Results:

8 Segment reporting:

Manufacture of petrochemicals is the only operating segment as defined in Ind AS 108: Operating Segments. And hence there is no separate segment reporting is applicable. However, entity wide disclosure of Revenue from External Customers is provided (in Rs. Lakhs):


Geographical Area Quarter Ended Year ended Year Ended 31-Mar-24 31-Dec-23 31-Mar-23 31-Mar-24 31-Mar-23 India 15,319 15,418 26,471 79,613 1,02,855 European Union and UK 10,205 4,953 6,778 23,208 14,452 Rest of the World 104 104 103 414 403 9 Update on Subsidiaries:	Geographical Area India European Union and UK Rest of the World	Quarter Ended 31-Mar-24 31-Dec-23 31-Mar-23 15,319 15,418 26,471 10,205 4,953 6,778 104 104 103	Year ended 31-Mar-24 79,613 23,208 414	Year Ended 31-Mar-23 1,02,855 14,452 403

a) Penn Globe Limited, UK:

During the Previous Financial Year, Manali Petrochemicals Limited, the Holding company, through its subsidiary AMCHEM Speciality Chemicals Private Limited, Singapore had acquired 100% Equity of Penn Globe Limited, UK along with its two wholly owned subsidiary companies viz., Penn White Limited, UK and Pennwhite Print Solutions Limited, UK. Thus, Penn Globe Limited, UK along with its two wholly owned subsidiary companies have become wholly owned step-down subsidiaries of Manali Petrochemicals Limited w.e.f 30th November 2022. Consequently, financial results of these subsidiary companies are considered in the consolidated financial results w.e.f 01.12.2022.

As part of MPL Group's restructuring plan, the entire shares of Penn White Limited, UK (PWL) held by Penn Globe Limited, UK (PGL) has been transferred to AMCHEM Specialty Chemicals Private Limited, Singapore (AMCHEM, SG) effective 17th January 2024. Consequently, PWL has become a direct subsidiary of AMCHEM, SG. Further, on 29th January 2024 a voluntary strike-off application was filed by Penn Globe Limited, UK with Competent Authorities seeking their approval and it was dissolved on 23.04.2024. This business restructuring plan does not have any impact on the group financial position.

b) Notedome Europe GmbH:

Further to the investment made during previous quarter (EUR 15,000 - Equivalent INR 13.80 Lakhs), during the quarter ended 31.12.2023, Notedome Limited has invested EUR 10,000 (Equivalent INR 9.20 Lakhs) in its wholly owned Subsidiary Notedome Europe GmbH which was incorporated on 11.07.2023 in Germany and is yet to commence its business.

c) Manali Speciality Private Limited:

During the quarter ended 30.09.2023, the Holding company made an equity investment of Rs. 1 lakh in its wholly owned Subsidiary Manali Speciality Private Limited which was incorporated on 23.06.2023 in the state of Tamil Nadu and is yet to commence its business.

d) PennWhite India Private Limited:

During the quarter ended 31.03.2024, PennWhite India Private Limited, a step down subsidiary of Penn White Limited, UK was incorporated on 08.02.2024 in the state of Tamil Nadu and is yet to commence its business.

e) Dissolution of Subsidiaries:

(i) AMCHEM Speciality Chemicals UK Limited (AMCHEM UK):

During the Previous Financial Year, AMCHEM Speciality Chemicals UK Limited had filed an application for strike-off with statutory authorities in the UK. Consequently, the net assets of AMCHEM UK have been transferred to AMCHEM Speciality Chemicals Private Limited, Singapore (AMCHEM SG). Pursuant to this, the entire shares of Notedome Limited, UK have been transferred to AMCHEM SG and it has become became a direct subsidiary of AMCHEM SG. AMCHEM Speciality Chemicals UK Limited was dissolved on 19.09.2023.

(ii) Pennwhite Print Solutions Limited (PPSL):

As part of Group's restructuring plan, the trade assets and liabilities of Pennwhite Print Solutions Limited (PPSL) as at 31.03.2023 were transferred to Penn-White Limited (PWL) and the directors of Pennwhite Print Solutions have made application on 07.07.2023 for voluntary strike-off of the subsidiary with statutory aut • �R..UK and subsequently the �,;::., � company is dissolved on 03.10.2023. This business restructurina plan does not have any impact on the group financial position. ~ ,�� ,. Cher:nai 0 a. (CJ � For 9 •. I 600032 )'(1) i - ':} ,' Only , . __£; •. �"'>,.Y, •• 1',. �Rco ,,.cc0 "� r-- --- -1,,,. /-....;;, J •Y� • \dont11tc:i.tio1, "' .,.... '<', "' ct

Notes to Consolidated Financial Results:

quarter of the respective financial years.
10 The figures for quarter ended 31st March are the balancing figures between audited annual figures of the full financial year and the published year-to-date figures up to the third
11 Dividend:
The Board of Directors has recommended a final dividend of Re. 0.75 (15%) per share on 17, 19,99,229 equity shares of Rs. 5/- each for the financial year 2023-24, S to approval of Members at the Annual General Meeting.

12 Goodwill:

During the Previous Financial Year, the Parent Company acquired Penn Globe Limited, UK through its subsidiary AMCHEM Speciality Chemicals Private Limited, Singapore for an aggregate of GBP 24.98 million (includes Net cash consideration of GBP 20.56 million, Performance linked Consideration of GBP 1.50 million and adjustment of loans of GBP 2.92 million). As per the Share Purchase Agreement, performance linked consideration is to be determined based on subsequent performance, accordingly the same has been determined during the quarter ended 30.09.2023 at GBP 67,330 (Rs. 68 Lakhs as against GBP set apart as consideration based on performance) as the performance linked consideration. Hence the corresponding adjustments resulting from the reduction in the purchase consideration have been made to the carrying value of Goodwill in the Consolidated financial results during the year.

"'/ 13[Previous period / year figures have been regrouped, wherever necessary. ]

Place: Chennai Date: May 13, 2024

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For Manali Petrochemicals Limited

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a.
R Chandrasekar
Managing Director
DIN 06374821
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Manali Petrochemicals Limited

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SPIC House, 88, Mount Road, Guindy, Chennai - 600 032 Telefax: 044 - 2235 1098 Website: www.manalipetro.com CIN : L24294TN1986PLC013087

Annexure B

DECLARATION

Pursuant to second proviso to Regulation 33(3)(d) of the SEBI Listing Regulations, 2015, we hereby declare and confirm that M/ s. Brahmayya & Co, Chartered Accountants have issued an unmodified audit report on the Standalone and Consolidated Financial Results for the financial year ended 31 st March 2024.

Kindly take this communication on record.

For Manali Petrochemicals Limited

Place: Chennai Date: 13.05.2024

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R Chandrasekar Managing Director

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Factories:

Plant - 1 : Ponneri High Road, Manali, Chennai - 600 068 , ,Plant - 2: Sathangadu Village, Manali, Chennai - 600 068 Phone : 044 - 2594 1025 Fax : 044 - 2594 1199 E-mail: [email protected]

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ISO 14001:2015

ISO9001:2015

Manali Petrochemicals Limited

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SPIC House, 88, Mount Road, Guindy, Chennai - 600 032 Telefax : 044 - 2235 1098 Website : www.manalipetro.com CIN : L24294TN1986PLC013087

Annexure C

Large Corporate - Disclosure.

We hereby confirm that we are not a Large Corporate as per the applicability criteria given under the SEBI operational circular SEBI/HO/DDHS/P /CIR/2021/613 dated August 10, 2021 (Chapter XII - Fund raising by issuance of debt securities by large corporate).

For Manali Petrochemicals Limited

�� Swaminathan Company Secretary

i-[�] K Lalitha Chief Financial Officer

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□ NV

Factories:

Plant - 1 : Ponneri High Road, Manali, Chennai - 600 068 Plant - 2 : Sathangadu Village, Manali, Chennai - 600 068 - Phone : 044 - 2594 1025 Fax : 044 2594 1199 E-mail: [email protected]

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ISO 14001:2015

ISO 9001 :2015

AI assistant

Manali Petrochemicals Ltd. — Annual Report 2024

60646_rns_2024-05-13_e19aa780-2a45-4139-ade5-a099113664d7.pdf

1. Audited Financial Results

2. Recommendation of Dividend

3. Change in DirectorfKMP:

a. Appointment of Mr. G R Sridhar (DIN: 10596912) as Additional Director & Whole Time Director (Operations):

Manali Petrochemicals Limited

4. Proposal for Postal Ballot:

5. Setting up of additional Manufacturing facilities at Western Part of India

For Manali Petrochemicals Limited

Manali Petrochemicals Limited

Annexure A

Disclosures required to be given pursuant to SEBI circular SEBJO/CFD/CFD-PoD 1 CIR2023/23 dated 13th July 2023.

Brahmayya&co•

Independent Auditor's Report

To the Board of Directors of The Manali Petrochemicals Limited Chennai.

Report on the audit of the Standalone Annual Financial Results

Opinion

Basis for Opinion

Brahmayya&co-

Emphasis of Matter

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results

Brahmayya&coChartered Accountants

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Other Matter

For Brahmayya& Co., Chartered Accountants

MANALI PETROCHEMICALS LIMITED

Refer note no.: 8

Notes:

3 Review and approval of the financial results:

4 Leasehold Land:

6 Exceptional Items:

9 Dividend:

Brahmayya&co-

__ _ _ _ _ _ _ ___ Chartered Accountants

Independent Auditor's Report

To the Board of Directors of The Manali Petrochemicals Limited Chennai.

Report on the Audit of the Consolidated Annual Financial Results

Opinion

Brahmayya&co•

Basis for Opinion

Emphasis of Matter

Management's and Board of Directors' Responsibilities for the Consolidated Financial Results

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Brahmayya&co-

Other Matter

For Brahmayya& Co., Chartered Accountants

MANALI PETROCHEMICALS LIMITED

Notes:

Notes to Consolidated Financial Results:

a) Penn Globe Limited, UK:

b) Notedome Europe GmbH:

c) Manali Speciality Private Limited:

d) PennWhite India Private Limited:

e) Dissolution of Subsidiaries:

(i) AMCHEM Speciality Chemicals UK Limited (AMCHEM UK):

(ii) Pennwhite Print Solutions Limited (PPSL):

Notes to Consolidated Financial Results:

12 Goodwill:

For Manali Petrochemicals Limited

Annexure B

DECLARATION

For Manali Petrochemicals Limited

Factories:

Annexure C

Large Corporate - Disclosure.

For Manali Petrochemicals Limited

Factories:

More from Manali Petrochemicals Ltd.

Manali Petrochemicals Ltd. Annual Report 2024