The Supreme Industries Net Profit Grows By ₹215.54 Cr In Q1FY24

The Supreme Industries Limited (Supreme), India’s leading Plastics product manufacturing company, announced its Unaudited Standalone & Consolidated financial results for the Quarter ended 30th June, 2023, at its Board Meeting held on Friday, the company announced through an exchange filing.

Key highlights

1. Total Income: Rs 2,382.78 crore vs 2,210.53 crore YoY

2. Total Expense: Rs 2,120.73 crore vs Rs 2,000.38 crore YoY

3. Net Profit: Rs 215.54 crore vs Rs 213.85 crore YoY

The overall turnover of value added products remains at ₹756 crores during the current quarter as compared to ₹761 crores in the corresponding period of previous year.

The Company has total Cash Surplus of ₹951 crores as on 30th June, 2023 as against Cash Surplus of ₹738 crores as on 31st March, 2023.

M. P. Taparia, Managing Director, The Supreme Industries Limited, said,

Polymer prices witnessed a downward bias and continue to fall albeit in range bound manner. During the quarter, prices of various polymers fell between 5 to ₹8 per kg except for Polypropylene which fell down by ₹13 per kg causing moderate inventory losses across the product segments of the Company.

The Company has taken in hand a project to make PVC window & Doors at its’ newly acquired 32 Acres site 15 Kms away from Kanpur (U.P.). The envisaged investment in this project will be about Rs.160 crores and after attaining full capacity, the Company may add additional turnover of about ₹350 Crores annually in this segment.

The Company has a capex plan in excess of Rs. 750 Crores for the current year including carry forward commitments of previous year. Entire Capex shall be funded from internal accruals.

The Supreme Industries Limited shares

The shares of Supreme Industries Limited on Friday at 1:46 pm IST were at ₹3,460, down by 5.11 percent.