Supreme Petrochem records PAT of Rs 146 crore in Q1 FY22

Supreme Petrochem reported a net profit of Rs 146.25 crore in Q1 FY22 as against net loss of Rs 11.88 crore in Q1 FY21.

Revenue from operations during the quarter surged to Rs 1,047.78 crore compared with Rs 292.26 crore in the same period last year.

As compared with Q4 FY21, the company's net profit and net sales declined 36.9% and 17.4%, respectively.

The company reported a pre-tax profit of Rs 194.43 crore in Q1 FY21 compared with pre-tax loss of Rs 12.63 crore in Q1 FY21.

During the quarter under review, large part of the country was under movement restrictions due to second wave of COVID-19 pandemic. This affected the domestic demand for company's products. However, the demand from export was buoyant and the company could therefore run its operations at near normal capacity utilization.

With the gradual opening up of the economy and the onset of festive season, the company expects increase in domestic demand.

The company added that the projects for setting up of fourth line of polystyrene and expansion of expandable polystyrene at both plant locations are progressing well and barring unforeseen circumstances, the company hopes to commission these projects within the planned time frame. These projects would add to company's capacity 1,20,000 MTA of polystyrene/expandable polystyrene.

Supreme Petrochem is engaged in the business of styrenics and manufactures polystyrene (PS), expandable polystyrene (EPS), masterbatches and compounds of styrenics and other polymers, extruded polystyrene insulation board (XPS) and styrene methyl methacrylate (SMMA).

The scrip fell 3.57% to currently trade at Rs 726.95 on the BSE.

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