As here is a load at P, so tension in AP and PB will be different as shown in figure. Let these tensions be T1 and T2, respectively.
For vertical equilibrium of P, T2cos60∘=Mg ...(i)
i.e. T2=2Mg
and for horizontal equilibrium of P, T1=T2sin60∘=T2(3/2) ...(ii)
Substituting the value of T2 from Eq. (i), we get T1=(2Mg)×(3/2)=3Mg