Chennai, India – Sales at Indian polyol supplier Manali were INR 3.8bn ($49.9m) in 2020, down 45.6% on the previous financial year.
Pre-tax profit across the business, which runs its financial years from June to June, fell by 56.2% to INR 449.7m in 2020. This compares with INR 1026.8m in 2019, a drop of INR 577.1m.
The company said it shut its plant in 25 March to comply with the Indian government's coronavirus lockdown decree. Production restarted in phases from the second week in April.
Chairman Ashwin Muthiah said: 'The outbreak of coronavirus led to an unprecedented situation globally. Our team's resilience ensured that we continue to serve our customers even in such an extraordinary time.'