Plastic products maker Supreme Industries on Monday reported a 64.13 percent decline in consolidated profit at Rs 82.02 crore in the second quarter ended September 2022, impacted by a fall in PVC resin prices.
The company posted a net profit of Rs 228.71 crore during the July-September period of the previous fiscal, Supreme Industries Ltd said in a regulatory filing.
Its income from operations grew by 8.19 percent to Rs 2,086.60 crore during the quarter under review against Rs 1,928.54 crore in the corresponding period of the previous fiscal.
Supreme Industries’ total expenses stood at Rs 2,005.52 crore, up 19.7 percent in Q2 / FY23, against Rs 1,675.56 crore in the quarter.
Deputy Taparia, Executive Director of Superior Industries, said: ”Plastic Pipe System’s business profit was seriously affected by a continuous fall in PVC resin prices in the second quarter, which started with effect from April itself.” supplies pipe systems from different polymer polymers. materials also, except for PVC, which generally resulted in a positive result in this segment, despite a severe drop in PVC prices.
Supreme Industries sold 1,11,803 MT (metric tonnes) of plastic goods during the second quarter of the current year against sales of 1,02,673 MT, achieving a volume growth of about 9 percent.
”In such difficult business conditions, the company’s continuous volume growth in the second quarter was quite encouraging. With a sharp fall in PVC resin prices, where prices have fallen by Rs 55/per kg ie, 38 percent since April this year, it bodes well for a large volume increase in the second half of the year as the system becomes very affordable,’ ‘ he said.
Its board has declared an interim dividend of 300 percent, which is Rs 6 per share having a face value of Rs 2 each for FY23.
Shares of Supreme Industries Ltd on Monday settled at Rs 2,171.30 on the BSE, up 6.67 per cent from the previous close.
(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)