Supreme Petrochem Q4 Results | Profit dips 18% to ₹132 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Supreme Petrochem Ltd, engaged in the plastic and petrochemical business, on Wednesday (April 24) reported a 17.5% year-on-year (YoY) dip in net profit at ₹131.5 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Supreme Petrochem posted a net profit of ₹159.3 crore, the company said in a regulatory filing. The company’s revenue from operations increased 12.7% to ₹1,562.8 crore as against ₹1,386.9 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA dipped 15.9% to ₹175.2 crore in the fourth quarter of this fiscal over ₹208.3 crore in the corresponding period in the previous fiscal.

Also Read: Dalmia Bharat Q4 results: Net profit clocks in at ₹315 crore, revenue ₹4,307 crore

EBITDA margin stood at 11.2% in the reporting quarter as compared to 15% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board of directors recommended a final dividend of ₹7 per equity share for the financial year ended March 31, 2024, subject to approval of members in the ensuing Annual General Meeting of the company.

The payment of the final dividend will be paid on or after, Wednesday, July 24, 2024, if approved by the members at the AGM. Supreme Petrochem remains debt-free with an investible surplus of ₹1,073 crore at the end of March 2024.

Also Read: Syngene International Q4 | Profit up 6%, company to pay dividend of ₹1.25 per share

Supreme Petrochem’s sales volume of manufactured products increased by 17.6% in Q4 of FY24 on a year-on-year basis and by 13.7% in FY24 on a year-on-year basis. Domestic volumes increased by 15.5% in Q4 of FY24 on a year-on-year basis and by 7.5% in FY24 on a year-on-year basis.

Export volumes increased by 44% in Q4 of FY24 on a year-on-year basis and by 82% in FY24 on a year-on-year basis. The capacity utilisation for the year for all products based on expanded capacity was 75%.

In an interview to CNBC-TV18, Rakesh Nayyar, Executive Director of Supreme Petrochem, stated, “In this quarter, our exports are not that high, because we were catering to the domestic sector. Generally, the last quarter of the year is always good in the domestic market because of the appliances demand coming in when they’re stocking it for the summer season. Domestically, the lean months were in the third quarter and that is where our exports were higher. So overall in the year our exports are up. The annual increase in the exports is almost 82%. Going forward to the first quarter of FY25, we see that we would be doing better than the quarter gone by.”

The results came after the close of the market hours. Shares of Supreme Petrochem Ltd ended at ₹642.55, down by ₹0.20, or 0.031% on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow