Tamilnadu Petroproducts Limited (TPL) has announced significant changes in its leadership structure, with the appointment of a new chairman and the resignation of its Company Secretary.

New Chairman Appointed

Mr. S Krishnan, IAS, has been appointed as the Non-Independent, Non-Executive Director and Chairman of the Board of Tamilnadu Petroproducts Limited. This appointment, representing Tamilnadu Industrial Development Corporation Limited, took effect on December 15, 2021. Mr. Krishnan will hold office until the next Annual General Meeting and is eligible for appointment by the company's members.

Mr. Krishnan brings a wealth of experience to his new role. He is a 1989 batch IAS officer and currently serves as the Additional Chief Secretary in the Industries Department of the Government of Tamilnadu. His extensive portfolio includes chairman and director positions across multiple state corporations, notably including Titan Company Ltd.

It's worth noting that Mr. Krishnan does not hold any shares in Tamilnadu Petroproducts Limited and is not related to any of the company's directors.

Company Secretary Resignation

Simultaneously, TPL announced the resignation of Ms. Meenakshi Jayaraman from her position as Company Secretary and Compliance Officer. Her resignation was effective from the close of work on December 15, 2021, coinciding with Mr. Krishnan's appointment.

These changes in TPL's leadership structure mark a significant transition for the company. The appointment of Mr. S Krishnan, with his extensive experience in public administration and corporate governance, may bring new perspectives to the company's strategic direction. Meanwhile, the departure of Ms. Jayaraman as Company Secretary and Compliance Officer will necessitate a transition in these crucial corporate functions.

Tamilnadu Petroproducts Limited (TPL) has delivered a strong financial performance for the first quarter, showcasing significant growth in profitability and operational efficiency.

Financial Highlights

• EBITDA rose to ₹473.00 million, compared to ₹259.00 million in the same quarter last year, representing an 82.6% year-over-year growth.
• EBITDA margin expanded to 10.22%, up from 5.70% in the corresponding period last year.
• Consolidated net profit stood at ₹352.50 million, a 31% increase from ₹269.00 million in the previous quarter.
• Revenue reached ₹4.63 billion, showing modest growth from ₹4.54 billion in the previous quarter.

Operational Performance

The robust financial results reflect TPL's strong operational performance and its ability to navigate market challenges effectively. The significant expansion in EBITDA and profit margins suggests improved cost efficiencies and potentially favorable market conditions for the company's products.

Dividend Announcement

The Board of Directors has recommended a dividend of ₹1.20 per equity share of ₹10 each, fully paid-up. This dividend is subject to approval by the members at the upcoming 40th Annual General Meeting (AGM).

Annual General Meeting

• Date: Wednesday, September 17
• Time: 2:00 PM (IST)
• Mode: Video Conferencing (VC) or Other Audio-Visual Mode (OAVM)
• Record date for dividend payment: September 9

Tamilnadu Petroproducts Limited continues to demonstrate resilience and growth in a competitive market environment. The company's ability to significantly improve its EBITDA and maintain revenue growth positions it well for the remainder of the fiscal year.