Supreme Industries declines on dismal Q2 numbers

Supreme Industries declined 2.22% to Rs 589 at 14:30 IST on BSE after company's consolidated net profit fell 41.73% to Rs 25.06 crore on 7.72% rise in total income to Rs 759.55 crore in Q1 September 2014 over Q1 September 2013.

The company announced Q2 results during market hours today, 17 October 2014.

Meanwhile, the BSE Sensex was up 150.21 points or 0.58% at 26,149.55.

On BSE, so far 41,491 shares were traded in the counter, compared with an average volume of 23,163 shares in the past one quarter.

The stock hit a high of Rs 612.75 and a low of Rs 573.80 so far during the day. The stock hit a record high of Rs 685 on 17 September 2014. The stock hit a 52-week low of Rs 366.80 on 1 October 2013.

The stock had underperformed the market over the past one month till 16 October 2014, falling 10.42% compared with 1.86% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 8.2% as against Sensex's 1.76% rise.

The mid-cap company has an equity capital of Rs 25.41 crore. Face value per share is Rs 2.

The company's consolidated operating profit declined 11.51% to Rs 81.41 crore in Q2 September 2014 over Q2 September 2013. Cash profit declined 10.24% to Rs 59.90 crore in Q2 September 2014 over Q2 September 2013. Profit before tax fell 40.05% to Rs 36.32 crore in Q2 September 2014 over Q2 September 2013. The company said that with the declining prices of crude oil and rupee stability against the dollar, the cost of plastic raw material may witness decreasing trend. It would be beneficial for business in terms of cost affordability and reduced requirement of working capital, inspite of short term inventory loss.

Supreme Industries is a plastic processing company with seven business divisions. The company has forayed into different types of plastic processing in Injection Moulding, Rotational Moulding (ROTO), Extrusion, Compression Moulding, Blow Moulding etc. Supreme Industries offers wide range of plastic products with a variety of applications in Moulded Furniture, Storage & Material Handling Products, XF Films & Products, Performance Films, Industrial Moulded Products, Protective Packaging Products, Plastic Piping System & Petrochemicals.

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