Supreme Petrochem Ltd., a polystyrene manufacturer based in India announced its results for the first quarter ended June 30, 2021.
Q1 Results- QoQ
The company’s net profit declined 37% to Rs 146.25 crores ($19.6 million) for the period ended June 30, 2021 as against net profit of Rs 231.7 crores ($31 million) for the previous quarter.
Net sales declined 17.2% to Rs 1055.97 crores ($141.4 million) during the period ended June 30, 2021 as compared to Rs 1275.54 crores ($170.8 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit grew to Rs 146.25 crores ($19.6 million) for the period ended June 30, 2021 as against net loss of Rs 11.88 crores ($1.6 million) for the prior-year quarter.
Net sales increased 259.1% to Rs 1055.97 crores ($141.4 million) during the period ended June 30, 2021 as compared to Rs 294.04 crores ($39.4 million) during the prior-year quarter.
During the quarter under review, large part of the country was under movement restrictions due to second wave of COVID-19 pandemic. This affected the domestic demand for company’s products. However, the demand from export was buoyant and the company could therefore run its operations at near normal capacity utilization, the company stated in a stock exchange filling.
With the gradual opening up of the economy and the onset of festive season, the company expects increase in domestic demand, it added.
The company stated that the projects for setting up of fourth line of polystyrene and expansion of expandable polystyrene at both plant locations are progressing well and barring unforeseen circumstances, the company hopes to commission these projects within the planned time frame. These projects would add to company’s capacity 1,20,000 MTA of polystyrene/expandable polystyrene.
Supreme Petrochem is engaged in the business of styrenics and manufactures polystyrene (PS), expandable polystyrene (EPS), masterbatches and compounds of styrenics and other polymers, extruded polystyrene insulation board (XPS) and styrene methyl methacrylate (SMMA).