Chennai, India – Polyols producer Manali had a fall in revenue of INR 225 m ($3.5 m) to INR 3.12 bn in in the first half of 2017, compared with INR 3.33 bn in in the same period in 2016.
The revenue numbers half-to-half may not be strictly comparable. Manali has changed its accounting convention to Indian Accounting Standard, and has also altered the way in which it accounts for VAT. Before 1 July 2017 and the implementation of GST, the company included excise duty in the sales figures. After that date, it recorded sales net of VAT.
Earnings before interest and tax fell from INR 321 m in the first quarter of 2016 to INR 140m in the 2017 quarter. The company significantly reduced the cost of its stock-in-trade and reduced its excise duty liabilit, but experienced increases in power and fuel costs.
Manali added that it has filed a request for an extension of the lease on the land where its facility is located with the local government of Tamil Nadu.
Currency conversion: XE.com 5 December 2017
