Capitaline

Results 22-Jul-24

Analysis

Supreme Industries

Improved operating performance

Consolidated net sales (including other operating income) of Supreme Industries has increased 11.31% to Rs 2636.35 crore. Sales of Plastics Piping Products segment has gone up 14.28% to Rs 1,858.37 crore (accounting for 70.49% of total sales). Sales of Industrial Products segment has gone up 2.64% to Rs 306.38 crore (accounting for 11.62% of total sales). Sales of Packing Products segment rose 13.92% to Rs 368.09 crore (accounting for 13.96% of total sales). Sales of Consumer Products segment has gone down 7.37% to Rs 97.19 crore (accounting for 3.69% of total sales). Sales of Others segment has gone down 60.38% to Rs 6.32 crore (accounting for 0.24% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 20.49% to Rs 308.81 crore. PBIT of Plastics Piping Products segment rose 19.16% to Rs 231.31 crore (accounting for 74.90% of total PBIT). PBIT of Industrial Products segment rose 3.50% to Rs 19.54 crore (accounting for 6.33% of total PBIT). PBIT of Packing Products segment rose 65.09% to Rs 42.13 crore (accounting for 13.64% of total PBIT). PBIT of Consumer Products segment fell 9.31% to Rs 16.08 crore (accounting for 5.21% of total PBIT). PBIT of Others reported loss of Rs 0.25 crore compared to profit of Rs 0.05 crore.

PBIT margin of Plastics Piping Products segment rose from 11.94% to 12.45%. PBIT margin of Industrial Products segment rose from 6.32% to 6.38%. PBIT margin of Packing Products segment rose from 7.90% to 11.45%. PBIT margin of Consumer Products segment fell from 16.90% to 16.54%. PBIT margin of Others segment fell from 0.31% to 3.96%. Overall PBIT margin rose from 10.82% to 11.71%.

Operating profit margin has jumped from 13.58% to 14.69%, leading to 20.44% rise in operating profit to Rs 387.33 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 69.43% to 67.44%. Purchase of finished goods cost fell from 1.27% to 0.64%. Employee cost increased from 4.24% to 4.60%. Other expenses rose from 11.83% to 12.60%. Power and Oil fuel cost rose from 3.26% to 3.29%.

Other income rose 50.99% to Rs 21.44 crore. PBIDT rose 21.73% to Rs 408.77 crore. Provision for interest rose 97.04% to Rs 3.33 crore.

PBDT rose 21.35% to Rs 405.44 crore. Provision for depreciation rose 19.40% to Rs 86.03 crore.

Profit before tax grew 21.89% to Rs 319.41 crore. Share of profit/loss was 76.03% higher at Rs 37.53 crore. Provision for tax was expense of Rs 83.57 crore, compared to Rs 67.83 crore. Effective tax rate was 23.41% compared to 23.94%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 26.83% to Rs 273.37 crore.

Promoters’ stake was 48.85% as of 30 June 2024 compared to 48.85% as of 30 June 2023 .

Full year results analysis

Net sales (including other operating income) of Supreme Industries has increased 10.14% to Rs 10134.26 crore. Sales of Plastics Piping Products segment has gone up 14.81% to Rs 6,931.57 crore (accounting for 68.40% of total sales). Sales of Industrial Products segment has gone down 2.52% to Rs 1,307.82 crore (accounting for 12.90% of total sales). Sales of Packing Products segment rose 6.56% to Rs 1,405.67 crore (accounting for 13.87% of total sales). Sales of Consumer Products segment has gone down 0.80% to Rs 441.04 crore (accounting for 4.35% of total sales). Sales of Others segment has gone down 17.96% to Rs 48.16 crore (accounting for 0.48% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 32.90% to Rs 1,275.62 crore. PBIT of Plastics Piping Products segment rose 32.52% to Rs 900.18 crore (accounting for 70.57% of total PBIT). PBIT of Industrial Products segment fell 8.55% to Rs 113.33 crore (accounting for 8.88% of total PBIT). PBIT of Packing Products segment rose 105.06% to Rs 187.69 crore (accounting for 14.71% of total PBIT). PBIT of Consumer Products segment rose 11.07% to Rs 75.33 crore (accounting for 5.91% of total PBIT). PBIT of Others segment rose 66.17% to Rs -0.91 crore (accounting for -0.07% of total PBIT).

PBIT margin of Plastics Piping Products segment rose from 11.25% to 12.99%. PBIT margin of Industrial Products segment fell from 9.24% to 8.67%. PBIT margin of Packing Products segment rose from 6.94% to 13.35%. PBIT margin of Consumer Products segment rose from 15.25% to 17.08%. PBIT margin of Others segment rose from negative 4.58% to negative 1.89%. Overall PBIT margin rose from 10.43% to 12.59%.

Operating profit margin has jumped from 13.04% to 15.27%, leading to 28.98% rise in operating profit to Rs 1,547.33 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.17% to 66.66%. Purchase of finished goods cost fell from 1.41% to 1.04%. Employee cost increased from 4.09% to 4.36%. Other expenses rose from 11.23% to 12.69%. Power and Oil fuel cost rose from 2.91% to 3.24%.

Other income rose 120.66% to Rs 65.69 crore. PBIDT rose 31.20% to Rs 1613.02 crore. Provision for interest rose 101% to Rs 16.12 crore. Loan funds rose to Rs 55.06 crore as of 31 March 2024 from Rs 51.17 crore as of 31 March 2023. Inventories declined from Rs 1,385.64 crore as of 31 March 2023 to Rs 1,358.59 crore as of 31 March 2024. Sundry debtors were higher at Rs 511.44 crore as of 31 March 2024 compared to Rs 492.38 crore as of 31 March 2023. Cash and bank balance rose to Rs 1,187.29 crore as of 31 March 2024 from Rs 746.08 crore as of 31 March 2023. Investments rose to Rs 638.14 crore as of 31 March 2024 from Rs 577.35 crore as of 31 March 2023 .

PBDT rose 30.74% to Rs 1596.9 crore. Provision for depreciation rose 13.28% to Rs 298.38 crore. Fixed assets increased to Rs 2,408.61 crore as of 31 March 2024 from Rs 2,142.50 crore as of 31 March 2023. Intangible assets increased from Rs 5.45 crore to Rs 62.44 crore.

Profit before tax grew 35.54% to Rs 1,298.52 crore. Share of profit/loss was 30.27% lower at Rs 106.86 crore. Provision for tax was expense of Rs 335.66 crore, compared to Rs 245.96 crore. Effective tax rate was 23.88% compared to 22.13%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 23.62% to Rs 1,069.72 crore.

Equity capital stood at Rs 25.41 crore as of 31 March 2024 to Rs 25.41 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 48.85% as of 31 March 2024 ,compared to 48.85% as of 31 March 2023 .

Cash flow from operating activities increased to Rs 1,412.90 crore for year ended March 2024 from Rs 890.34 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 549.34 crore, compared to Rs 424.33 crore during the year ended March 2023.

The stock trades at Rs 5692.

Supreme Industries: Consolidated Result
Particulars	2406 (03)	2306 (03)	Var. (%)	2403 (12)	2303 (12)	Var. (%)
Sales	2,636.35	2,368.58	11	10134.26	9201.59	10
OPM (%)	14.7	13.6		15.3	13.0
OP	387.33	321.59	20	1547.33	1199.68	29
Profit from construction business	0	0		0.0	0.0
OP including construction business	387.33	321.59	20	1547.33	1199.68	29
Other inc.	21.44	14.2	51	65.69	29.77	121
PBIDT	408.77	335.79	22	1613.02	1229.45	31
Interest	3.33	1.69	97	16.12	8.02	101
PBDT	405.44	334.10	21	1596.90	1221.43	31
Dep.	86.03	72.05	19	298.38	263.39	13
PBT before Share of profit of Associates	319.41	262.05	22	1298.52	958.04	36
Share of profit of Associates	37.53	21.32	76	106.86	153.25	-30
PBT before EO	356.94	283.37	26	1405.38	1111.29	26
EO	0.00	0.00		0.00	0.00
PBT after EO	356.94	283.37	26	1405.38	1111.29	26
Total Tax	83.57	67.83	23	335.66	245.96	36
PAT	273.37	215.54	27	1069.72	865.33	24
EPS (Rs) *	#	#		84.2	68.1
* Annualised on current equity of Rs 25.41 crore. Face Value: Rs 2 each
# EPS not annualised due to seasonality of business
EO: Extra Ordinary items, EPS is calculated after excluding EO and relevant tax
Figures in Rs crore, Var (%) exceeding 999 is restricted to 999
Source: Capitaline Database

Supreme Industries : Consolidated Segment Results
	% of (Total)	2406 (03)	2306 (03)	Var.(%)	% of (Total)	2403 (12)	2303 (12)	Var.(%)
Sales
Plastics Piping Products	70	1,858.37	1,626.11	14	68	6,931.57	6,037.53	15
Industrial Products	12	306.38	298.5	3	13	1,307.82	1,341.63	-3
Packing Products	14	368.09	323.1	14	14	1,405.67	1,319.13	7
Consumer Products	4	97.19	104.92	-7	4	441.04	444.6	-1
Others	0	6.32	15.95	-60	0	48.16	58.7	-18
Total Reported Sales	100	2,636.35	2,368.58	11	100	10,134.26	9,201.59	10
Less: Inter segment revenues		0	0	-		0	0	-
Net Sales		2,636.35	2,368.58	11		10,134.26	9,201.59	10
PBIT
Plastics Piping Products	75	231.31	194.11	19	71	900.18	679.27	33
Industrial Products	6	19.54	18.88	4	9	113.33	123.92	-9
Packing Products	14	42.13	25.52	65	15	187.69	91.53	105
Consumer Products	5	16.08	17.73	-9	6	75.33	67.82	11
Others	0	-0.25	0.05	PL	0	-0.91	-2.69	66
Total PBIT	100	308.81	256.29	20	100	1,275.62	959.85	33
Less : Interest		3.33	1.69	97		16.12	8.02	101
Add: Other un-allcoable		51.46	28.77	79		145.88	159.46	-9
PBT		356.94	283.37	26		1,405.38	1,111.29	26

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