Advance Petrochemicals Limited , a player in the petrochemical industry, has released its financial results for the second quarter and half-year ended September 30. The company's performance shows a significant decline in revenue and a widening net loss compared to the previous quarter.

Financial Highlights

Revenue and Profitability

Advance Petrochemicals experienced a sharp decline in revenue for Q2, with operations generating Rs 95.77 crore compared to Rs 951.09 crore in the previous quarter. This represents a significant drop of approximately 89.9% quarter-on-quarter. The company's performance also shows a substantial year-on-year decline, as revenue in Q2 of the previous fiscal year stood at Rs 1,125.06 crore.

The company's bottom line has been severely impacted, with the net loss widening to Rs 23.85 crore in Q2 from Rs 8.84 crore in Q1. This contrasts sharply with the profit of Rs 1.58 crore reported in the same quarter of the previous fiscal year.

Half-Yearly Performance

For the first half of the fiscal year, Advance Petrochemicals reported a total revenue of Rs 1,896.86 crore, down from Rs 2,205.25 crore in H1 of the previous year. The company posted a net loss of Rs 22.37 crore for H1, compared to a profit of Rs 2.94 crore in the corresponding period of the previous year.

Balance Sheet Position

As of September 30, Advance Petrochemicals' total assets stood at Rs 2,286.79 crore. The company's financial position shows:

• Non-current assets: Rs 860.27 crore
• Current assets: Rs 1,426.53 crore
• Total equity: Rs 381.36 crore
• Non-current liabilities: Rs 560.96 crore
• Current liabilities: Rs 1,344.46 crore

Management Commentary

The company's management has not provided specific comments on the factors contributing to the decline in revenue and profitability. However, they noted that the results were reviewed by the Audit Committee and approved by the Board of Directors at a meeting held on November 10.

Segment Information

Advance Petrochemicals operates in a single business segment, as per the company's disclosure.

Conclusion

The significant drop in revenue and the widening net loss indicate challenging market conditions for Advance Petrochemicals in the second quarter. Investors and analysts may need to closely monitor the company's performance in the coming quarters to assess its ability to recover and return to profitability.

Advance Petrochemicals Ltd , a leading player in the petrochemical industry, has announced its financial results for the first quarter, along with several key corporate governance updates.

Q1 Financial Performance

The company reported revenue from operations of ₹951.09 lakhs for the quarter, compared to ₹1,080.19 lakhs in the corresponding quarter of the previous year, indicating a slight decrease in top-line performance. Despite challenging market conditions, Advance Petrochemicals managed to maintain profitability, posting a net profit of ₹1.18 lakhs for the quarter.

Financial Highlights

The company's total income for the quarter stood at ₹953.15 lakhs, which included other income of ₹2.16 lakhs. Total expenses were reported at ₹951.68 lakhs, with the cost of materials consumed being the largest component at ₹773.36 lakhs.

Corporate Governance Updates

In addition to the financial results, Advance Petrochemicals announced several key appointments and reappointments:

1. Statutory Auditors: The Board of Directors, based on the Audit Committee's recommendation, approved the reappointment of M/s. Suresh R Shah & Associates, Chartered Accountants, as the company's Statutory Auditors. This reappointment is for a second term of five consecutive years, starting from the conclusion of the 40th Annual General Meeting (AGM) until the 45th AGM to be held in 2030, subject to shareholders' approval.

2. Secretarial Auditor: M/s. Patawari & Associates, Practising Company Secretaries, have been appointed as the Secretarial Auditor for a period of five consecutive years. The firm, led by Mr. Sourabh Patawari, brings over 10 years of experience in corporate laws, secretarial compliances, and listing regulations.

3. Internal Auditor: Tibrewal Bhagat & Associates, Chartered Accountants, have been appointed as the Internal Auditor.

Additional Corporate Actions

The Board of Directors also approved the following:

• The notice for convening the 40th Annual General Meeting of the company.
• The draft Directors' Report along with its annexures.
• The appointment of M/s. Patawari & Associates as the Scrutinizer for remote e-voting and voting during the AGM.

Pulkit Goenka, Managing Director of Advance Petrochemicals Ltd, stated, "Despite the challenging market conditions, we have maintained our operational efficiency and profitability. The reappointment of our auditors and the new appointments reflect our commitment to strong corporate governance and transparency."

The company's focus on maintaining a robust financial position and strengthening its corporate governance framework demonstrates its dedication to long-term stability and growth in the competitive petrochemical sector.