Supreme Industries Q2 results: Company posts three-fold jump in net profit at Rs 243 crore

Supreme Industries Q2 results: Supreme Industries Ltd has posted around three-fold jump in its profit after tax at Rs 243.19 crore in the quarter ended September 2023, pushed by higher income.

It had clocked a profit after tax (PAT) of Rs 82.02 crore in the July-September period of the preceding 2022-23 fiscal, the company said in a regulatory filing.

The company's total income rose to Rs 2,321.38 crore from Rs 2,092.12 in the year ago quarter. Its expenses were at Rs 2,025.93 crore as against Rs 2,005.52 crore in the same period in the last financial year.

The board of directors has declared an interim dividend of Rs 8 per share of face value of Rs 2 each for the financial year 2023-24.

Supreme Industries Managing Director M P Taparia said: "Polymer prices remained range-bound during the quarter but witnessed a sharp downward trend during 1st fortnight of October, affecting business sentiments. Now the prices have started stabilising and business activities have started picking up."

The company has acquired the pipe manufacturing unit of Parvati Agro Plast situated at Sangli in Maharashtra at an aggregate consideration of Rs 151.38 crore. This unit has total installed capacities of 36,000 tonnes per annum, he said.

With completion of all the expansion plans undertaken, the overall installed capacity of the piping system division will reach 7,80,000 tonnes per annum by the end of FY24 from 6,00,000 tonnes as on March 31, 2023.

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.