Supreme Petrochem fell 3.50% to Rs 687 after the company reported 53.1% fall in net profit to Rs 59.65 crore despite a 3.6% rise in net sales to Rs 1231.76 crore in Q2 FY23 over Q2 FY22.
Total expenditure increased by 13.9% YoY to Rs 1155.88 crore in the second quarter, due to a sharp rise in raw material costs (up 38.5% YoY), other expenses (up 38.5% YoY) and employee expenses (up 19.1% YoY).
Profit before tax in Q2 FY23 stood at Rs 78.03 crore, down by 53.5% from Rs 167.72 crore in Q2 FY22.
Supreme Petrochem (SPL) manufactures polystyrene, expandable polystyrene and extruded polystyrene. It has a polystyrene manufacturing plant at Nagothane in Raigad, Maharashtra. Apart from the primary business of polystyrene and expandable polystyrene production, SPL imports styrene monomer and trades in the domestic market.
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