Supreme Industries slumped 4.37% to Rs 2141 after the company's consolidated net profit declined 21% to Rs 246 crore in Q3 FY22 from Rs 312 crore in Q3 FY21.
Total consolidated income rose by 5% YoY to Rs 1,948 crore during the quarter.
The overall turnover of value added products decreased to Rs. 665 crores during the current 3rd quarter as compared to Rs. 758 crores in the corresponding period of previous year resulting in a de-growth of about 12%, the company.
EBIDTA fell by 19% to Rs 369 crore in Q3 FY22 from Rs 454 crore in Q3 FY21. EBIDTA margin was 19% in Q3 FY22 as against 25% in Q3 FY21.
The company has cash surplus funds of Rs 148 crore as on 31 December 2021 as against cash surplus funds of Rs 331 crore as on 30 September 2021.
M. P. Taparia, managing director, The Supreme Industries, said: The Polymer prices were extremely volatile in the quarter. Such a swing in the prices have affected overall demand for the products. The products, where demand were driven strongly by distributors have seen large scale destocking in the quarter. Due to extended rainfall period in the quarter, the demand from agriculture and infrastructure was also deferred.
Overall, the company's volume sale has gone down by around 18%. As the prices have stabilized and on recovery path the distribution channel has started normal working. The company expects good volume growth in the fourth quarter in most of its businesses.
The company's progress in putting up plants at Guwahati, Cuttack and Erode are now moving. All these plants will be operational between April to August this year.
Supreme Industries is a plastics product manufacturer, offering a wide and comprehensive range of plastic products.
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