Chennai, India — Details of the three Manali subsidiaries have become public in the company’s annual report for 2018. The subsidiaries are Notedome, Amchem UK and Amchem Singapore. The numbers appear in a filing to the Bombay Stock Exchange.
Total revenue at Notedome, a systems house with customers in 45 countries, was £11.99 m ($14.9m). The company made a profit of £640,000 in 2018.
‘Profitability was impacted due to high input prices which could not be passed on to customers,’ Manali said. It added that Notedome is focusing on product development to widen its customer base. Earlier in the year Manali said that Notedome had decided to protect margins rather than keep market share.
Holding company Amchem UK owns Notedome. It had revenue of £420,000 in 2018, includimg a dividend of £300,000 from Notedome. Amchem UK made a profit of £334,000 in 2018.
Amchem UK is owned by Amchem Singapore. Founded in 2015, it aims to expand Manali’s global footprint and hold the company’s foreign assets.
Total income for Amchem Singapore in 2018 was $1.62m, and profit was $870,000. Manali said the subsidiary is looking for other companies to buy as well as trading.
Looking across the business, Manali which makes a range of polyols, had total non-consolidated sales of INR 7.1bn ($ 102m) in 2018. This is up 9.58% on the 2017 numbers.
In addition, profit before interest and tax across the business rose 20.9%, reaching INR 1.1bn in the 2018 financial year.
The 22-day closure of a polyol plant in January hit revenue and profit. Manali said that this was because results from its effluent monitoring were different to those of the Central Pollution Control Board. The company said it has aligned its tests with those of the CPBP.