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.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
