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Plastic Products company Supreme Industries announced standalone Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Sales Volume in Q4 see a YoY increase of 33%
- Revenue Q4: Rs 1,95,369 crore, a 32.53% increase from Q4FY23.
- Operating Profit Q4: Rs 491 crore, representing a 2.18% increase from Q4FY23.
- Profit After Tax (PAT) Q4: Rs 314.48 crore, a marginal 1.26% uplift from Q4FY23
FY24 Financial Highlights:
- Sales Volume in FY24 see a YoY increase of 26%
- Revenue FY24: Rs 6,39,701 crore, up by 26.30% compared to FY23.
- Operating Profit FY24: Rs 1,548.54 crore, a 29.05% rise from FY23.
- Profit Before Tax (PBT) FY24: Rs 1,351.83 crore, an increase of 33.79% from FY23.
- Profit After Tax (PAT) FY24: Rs 1,016.17 crore, a strong 32.92% growth over the previous fiscal year.
- The planned capex for the fiscal year is around Rs 1500 crore, with an additional carry forward commitment of Rs 496 crore from the previous year.
- Expected volume growth of 20% for the current year, with a previous year growth of about 33% in plastic piping systems.
- The overall turnover of value-added products increased to Rs 3737 crore, up by 13%.
M. P. Taparia, Managing Director, The Supreme Industries Limited, said," Indian economy has achieved highest growth in the previous year compared to all advanced economies of the world. Monsoon for the coming year is expected to be higher than normal , which augurs well to contain the inflation. The Governments are taking several initiatives to boost manufacturing. The country’s GDP thus may grow higher than previous year.
Central and State Governments are taking several initiatives towards creating improved infrastructure, to provide houses for all and supplying gas to households by Piping system will further boost the demand for the Company’s products.
In India and several surrounding countries, expansion of plastic raw material production capacity is under execution. In the forecasted slow growth of world economy in this year combined with increased availability of Plastics will maintain the price level at affordable price level. The Company expects to achieve 20% volume growth this year.
During the year under review the Company achieved volume growth of about 33% in Plastic Piping System made from different plastic materials. Overall, the Company sold 5,01,001 Tons of Pipe System compared to 3,75,046 Tons in the preceding year. However due to reduction in PVC resin prices, revenue growth was at about 15% over previous year.
The Company’s entire range of Plastics products are poised to grow in this year. The Company is also taking several initiatives to boost export of Plastics products out of its product range. The response to this initiative is encouraging.
To meet the growth in demand for piping products Company has initiated steps not only to do brownfield expansion at existing manufacturing sites but also to put up new plants near Patna (Bihar) and Vijayawada (Andhra Pradesh).
The Company has 36 plastic piping Systems in the division and plans to add another 5 new systems viz. Acoustic PP Pipe System in collaboration with Poloplast GmbH of Austria, Polyethylene Gas Piping System, PERT Piping System, PE single wall corrugated Pipes, and Rainwater Harvesting System (Infiltration modules for ground recharge and storage) during the current year.
Bath fittings and Sanitaryware business has been established. Design center at Pune is working extensively for various new SKUs. Based on their initiatives, the SKU in this division will go up from 421 Nos to over 1000 nos by the end of this year.
The Company is putting up PVC Profile manufacturing with 5000 tons Annual capacity at newly acquired site at Kanpur Dehat along with Window making at the same site and also at Kharagpur.
The Business of Cross Laminated Film (XF) & Products had a nominal growth of 1 % in volume terms during the year under review. The below normal & erratic rains in several parts of the country adversely impacted the demand for tarpaulin resulting in de-growth in this product category. Company has introduced many new made-up products from XF film and was successful in acquiring customers by entering in additional world markets. Exports grew by 9 % over the previous year with a presence in 35 countries across the globe.
All the equipment’s for manufacturing Cross Plastics are in the final stages of installation & the trial production is likely to commence in 2nd Quarter 2024. Once the samples are approved by prospective customers the Company will launch this much awaited product in the Market."
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