The board has has also approved setting of second line of extruded polystyrene board (XPS) with capacity of 1,00,000 meter cube and increasing the masterbatch and compounds capacity by 50,000 MTA.

The capital cost for these capital expenditure schemes shall be met from company's internal accruals, Supreme Petrochem said.

Supreme Petrochem (SPL) manufactures polystyrene, expandable polystyrene and extruded polystyrene. It has a polystyrene manufacturing plant at Nagothane in Raigad, Maharashtra. Apart from the primary business of polystyrene and expandable polystyrene production, SPL imports styrene monomer and trades in the domestic market.

The company's net profit declined 4.13% to Rs 164.54 crore despite 39.33% rise in sales to Rs 1,294.08 crore in Q3 FY22 over Q3 FY21.