Supreme Industries has reported 1.28% fall in consolidated net profit to Rs 354.82 crore on a 15.95% increase in total consolidated income to Rs 3,025.98 crore in Q4 FY24 over Q4 FY23.
While the operating profit of the company remained flat at Rs 531.36 crore during the period under reivew, operating profit margin (OPM) declined to 17.56% in Q4 FY24 from 20.29% in Q4 FY23.
Profit before tax for Q4 FY24 stood at Rs 464.56 crore as against Rs 464.66 crore in Q4 FY23.
For FY24, Supreme Industries has recorded net profit and revenues of Rs 1,069.72 crore (up 23.62% YoY) and Rs 10,199.95 crore (up 10.49% YoY), respectively.
The company has total cash surplus of Rs 1,178 crore as on 31 March 2024 as against cash surplus of Rs 738 crore as on 31 March 2023.
The board of directors of the company has recommended payment of final dividend of Rs 22 per share for the year ended 31 March 2024. This along with interim dividend of Rs 8 per share aggregates to a total dividend of Rs 30 per share for FY24.
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The company has plans to commit capex of about Rs 1500 crore, including carry forward commitments of Rs 496 crore at the beginning of the year. Entire Capex shall be funded from internal accruals.
M. P. Taparia, managing director, The Supreme Industries, said: During the year under review the company achieved volume growth of about 33% in Plastic Piping System made from different plastic materials.
Overall, the company sold 501,001 tons of Pipe System compared to 375,046 tons in the preceding year. However, due to reduction in PVC resin prices, revenue growth was at about 15% over previous year.
The companys entire range of Plastics products are poised to grow in this year. The company is also taking several initiatives to boost export of Plastics products out of its product range. The response to this initiative is encouraging.
To meet the growth in demand for piping products company has initiated steps not only to do brownfield expansion at existing manufacturing sites but also to put up new plants near Patna (Bihar) and Vijayawada (Andhra Pradesh).
Supreme Industries is engaged mainly in production of plastic products and operate in various product categories like Plastic piping system, cross laminated films & products, protective packaging products, industrial molded components, molded furniture, storage & material handling products, performance packaging films and composite LPG cylinders.
The scrip fell 1.50% to currently trade at Rs 4237.15 on the BSE.
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