Supreme Petrochem swings back to profit in second quarter
Company's net jumped by 139% YoY and stood at Rs.86.15 crores in Q1 FY21.
India based Supreme Petrochem Ltd has bounced back with solid growth in sales as well as profit in second quarter of current fiscal.
The company's sales grew by 4.33% YoY and reached Rs.700.73 crores during the period ended September 30, 2020 as compared to Rs.671.67 crores in the same period last year.
Net profit also jumped by 139% YoY and stood at Rs.86.15 crores for the period ended September 30, 2020 as against Rs.36.06 crores last year.
The company has reported EPS of Rs.9.16 for the period ended September 30, 2020 as compared to Rs.3.74 for the period ended September 30, 2019.
In Q1 FY21, the company had reported sharp decline in its earnings and registered a negative growth as its business was significantly impacted due to COVID-19 pandemic. The domestic volumes shrunk to 38% and export volumes stood at 53% of the volumes in the corresponding quarter of the previous year. Company had posted a loss of Rs.11.88 crore in June 2020 as against profit of Rs.41 crore in June 2019.
Supreme Petrochem Ltd is India's largest producer and exporter of polystyrene polymer based in Mumbai, Maharashtra, India. In Indian market it has share of more than 50%. SPL is also the largest exporter of PS from India, exporting to over 93 countries around the globe.
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