Capitaline

Results 25-Jul-22

Analysis

Supreme Industries

Sales up 64%, OP up 21%

Supreme Industries consolidated net sales increased 64.37% to Rs 2205.98 crore in Q1FY23 compared to Q1FY22. Sales of Plastics Piping Products segment has gone up 76.08% to Rs 1,463.34 crore (accounting for 66.34% of total sales). Sales of Industrial Products segment has gone up 51.95% to Rs 302.26 crore (accounting for 13.70% of total sales). Sales of Packing Products segment rose 33.67% to Rs 326.33 crore (accounting for 14.79% of total sales). Sales of Consumer Products segment has gone up 97.63% to Rs 95.77 crore (accounting for 4.34% of total sales). Sales of Others segment has gone down 6.35% to Rs 18.28 crore (accounting for 0.83% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 24.71% to Rs 213.20 crore. PBIT of Plastics Piping Products segment rose 9.08% to Rs 154.41 crore (accounting for 72.42% of total PBIT). PBIT of Industrial Products segment rose 109.43% to Rs 25.55 crore (accounting for 11.98% of total PBIT). PBIT of Packing Products segment rose 32.85% to Rs 22.77 crore (accounting for 10.68% of total PBIT). PBIT of Consumer Products segment rose 1,675.81% to Rs 11.01 crore (accounting for 5.16% of total PBIT). PBIT of Others segment rose 3.57% to Rs -0.54 crore (accounting for -0.25% of total PBIT).

PBIT margin of Plastics Piping Products segment fell from 17.03% to 10.55%. PBIT margin of Industrial Products segment rose from 6.13% to 8.45%. PBIT margin of Packing Products segment fell from 7.02% to 6.98%. PBIT margin of Consumer Products segment rose from 1.28% to 11.50%. PBIT margin of Others segment fell from negative 2.87% to negative 2.95%. Overall PBIT margin fell from 12.74% to 9.66%.

Operating profit margin has declined from 16.54% to 12.19%, leading to 21.13% rise in operating profit to Rs 268.91 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 66.38% to 71.66%. Purchase of finished goods cost fell from 1.95% to 1.50%. Employee cost decreased from 5.34% to 4.18%. Other expenses fell from 11.55% to 10.29%. Power and Oil fuel cost fell from 2.95% to 2.60%.

Other income rose 5.32% to Rs 4.55 crore. PBIDT rose 20.82% to Rs 273.46 crore. Provision for interest fell 23.47% to Rs 1.63 crore.

PBDT rose 21.24% to Rs 271.83 crore. Provision for depreciation rose 9.95% to Rs 61.68 crore.

Profit before tax grew 25.01% to Rs 210.15 crore. Share of profit/loss was 28.83% higher at Rs 58 crore. Provision for tax was expense of Rs 54.3 crore, compared to Rs 42.96 crore. Effective tax rate was 20.25% compared to 20.16%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 25.68% to Rs 213.85 crore.

Promoters’ stake was 48.85% as of 30 June 2022 compared to 48.85% as of 30 June 2021.

Full year results analysis

Net sales of Supreme Industries have increased 22.31% to Rs 7772.82 crore. Sales of Plastics Piping Products segment has gone up 23.11% to Rs 5,045.99 crore (accounting for 64.92% of total sales). Sales of Industrial Products segment has gone up 34.50% to Rs 1,023.67 crore (accounting for 13.17% of total sales). Sales of Packing Products segment rose 16.91% to Rs 1,210.11 crore (accounting for 15.57% of total sales). Sales of Consumer Products segment has gone up 14.36% to Rs 405.09 crore (accounting for 5.21% of total sales). Sales of Others segment has gone down 17.03% to Rs 87.96 crore (accounting for 1.13% of total sales).

Operating profit margin has declined from 20.21% to 15.98%, leading to 3.28% decline in operating profit to Rs 1,242.11 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.66% to 67.99%. Purchase of finished goods cost fell from 2.07% to 1.71%. Employee cost decreased from 5.00% to 4.32%. Other expenses fell from 11.57% to 10.42%. Power and Oil fuel cost fell from 3.20% to 2.67%.

Other income rose 18.12% to Rs 19.95 crore. PBIDT fell 3% to Rs 1262.06 crore. Provision for interest fell 76.64% to Rs 5.15 crore. Loan funds rose to Rs 45.68 crore as of 31 March 2022 from Rs 37.67 crore as of 31 March 2021. Inventories rose to Rs 1,260.16 crore as of 31 March 2022 from Rs 760.76 crore as of 31 March 2021. Sundry debtors were higher at Rs 466.81 crore as of 31 March 2022 compared to Rs 389.90 crore as of 31 March 2021. Cash and bank balance declined from Rs 768.39 crore as of 31 March 2021 to Rs 526.40 crore as of 31 March 2022. Investments rose to Rs 475.89 crore as of 31 March 2022 from Rs 336.59 crore as of 31 March 2021 .

PBDT fell 1.73% to Rs 1256.91 crore. Provision for depreciation rose 7.86% to Rs 229.52 crore. Fixed assets increased to Rs 1,915.43 crore as of 31 March 2022 from Rs 1,752.94 crore as of 31 March 2021. Intangible assets declined from Rs 12.36 crore to Rs 7.62 crore.

Profit before interest, tax and other unallocable items (PBIT) has slumped 5.55% to Rs 1,032.57 crore. PBIT of Plastics Piping Products segment fell 4.56% to Rs 783.88 crore (accounting for 75.92% of total PBIT). PBIT of Industrial Products segment rose 34.35% to Rs 85.26 crore (accounting for 8.26% of total PBIT). PBIT of Packing Products segment fell 19.01% to Rs 100.91 crore (accounting for 9.77% of total PBIT). PBIT of Consumer Products segment fell 9.37% to Rs 54.07 crore (accounting for 5.24% of total PBIT). PBIT of Others segment fell 65.13% to Rs 8.45 crore (accounting for 0.82% of total PBIT).

PBIT margin of Plastics Piping Products segment fell from 20.04% to 15.53%. PBIT margin of Industrial Products segment fell from 8.34% to 8.33%. PBIT margin of Packing Products segment fell from 12.04% to 8.34%. PBIT margin of Consumer Products segment fell from 16.84% to 13.35%. PBIT margin of Others segment fell from 22.85% to 9.61%. Overall PBIT margin fell from 17.20% to 13.28%.

Profit before tax down 3.64% to Rs 1,027.39 crore. Share of profit/loss was 40% higher at Rs 204.39 crore. Provision for tax was expense of Rs 263.33 crore, compared to Rs 234.08 crore. Effective tax rate was 21.38% compared to 19.31%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 0.99% to Rs 968.45 crore.

Equity capital stood at Rs 25.41 crore as of 31 March 2022 to Rs 25.41 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 48.85% as of 31 March 2022 compared to 48.85% as of 31 March 2021 .

Cash flow from operating activities decreased to Rs 470.43 crore for year ended March 2022 from Rs 1,246.37 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 469.94 crore, compared to Rs 226.61 crore during the year ended March 2021.

The stock trades at Rs 1817.

Supreme Industries: Consolidated Result
Particulars	2206 (03)	2106 (03)	Var. (%)	2203 (12)	2103 (12)	Var. (%)
Sales	2205.98	1342.08	64	7772.82	6355.20	22
OPM (%)	12.2	16.5		16.0	20.1
OP	268.91	222.01	21	1242.11	1279.18	-3
Profit from construction business	0.0	0.0		0.00	5.00
OP including construction business	268.91	222.01	21	1242.11	1284.18	-3
Other inc.	4.55	4.32	5	19.95	16.89	18
PBIDT	273.46	226.33	21	1262.06	1301.07	-3
Interest	1.63	2.13	-23	5.15	22.05	-77
PBDT	271.83	224.20	21	1256.91	1279.02	-2
Dep.	61.68	56.10	10	229.52	212.79	8
PBT before Share of profit of Associates	210.15	168.10	25	1027.39	1066.23	-4
Share of profit of Associates	58.00	45.02	29	204.39	145.99	40
PBT before EO	268.15	213.12	26	1231.78	1212.22	2
EO	0.00	0.00		0.00	0.00
PBT after EO	268.15	213.12	26	1231.78	1212.22	2
Total Tax	54.30	42.96	26	263.33	234.08	12
PAT	213.85	170.16	26	968.45	978.14	-1
EPS (Rs) *	#	#		76.2	77.0
* 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)	2206 (03)	2106 (03)	Var.(%)	% of (Total)	2203 (12)	2103 (12)	Var.(%)
Sales
Plastics Piping Products	66	1,463.34	831.05	76	65	5,045.99	4,098.79	23
Industrial Products	14	302.26	198.92	52	13	1,023.67	761.12	35
Packing Products	15	326.33	244.13	34	16	1,210.11	1,035.06	17
Consumer Products	4	95.77	48.46	98	5	405.09	354.21	14
Others	1	18.28	19.52	-6	1	87.96	106.02	-17
Total Reported Sales	100	2,205.98	1,342.08	64	100	7,772.82	6,355.20	22
Less: Inter segment revenues		0	0	-		0	0	-
Net Sales		2,205.98	1,342.08	64		7,772.82	6,355.20	22
PBIT
Plastics Piping Products	72	154.41	141.56	9	76	783.88	821.29	-5
Industrial Products	12	25.55	12.2	109	8	85.26	63.46	34
Packing Products	11	22.77	17.14	33	10	100.91	124.59	-19
Consumer Products	5	11.01	0.62	999	5	54.07	59.66	-9
Others	0	-0.54	-0.56	4	1	8.45	24.23	-65
Total PBIT	100	213.2	170.96	25	100	1,032.57	1,093.23	-6
Less : Interest		1.63	2.13	-23		5.15	22.05	-77
Add: Other un-allcoable		56.58	44.29	28		204.36	141.04	45
PBT	100	268.15	213.12	26	100	1,231.78	1,212.22	2

Previous News

Supreme Industries to conduct board meeting
( Corporate News - 18-Apr-23 10:32 )

Supreme Industries
( Analyst Meet / AGM - Conference Call 20-Jan-24 08:34 )

Supreme Industries reports fire accident at its Sriperumbudur plant
( Corporate News - 04-Jun-24 15:11 )

Supreme Industries to announce Quarterly Result
( Corporate News - 15-Oct-20 10:02 )

Volumes soar at SBI Life Insurance Company Ltd counter
( Hot Pursuit - 29-Apr-24 11:00 )

Supreme Industries fixes record date for payment of interim dividend
( Market Beat - Reports 17-Oct-18 12:03 )

Supreme Industries
( Analyst Meet / AGM - Conference Call 29-Apr-23 06:16 )

Volumes jump at Chemplast Sanmar Ltd counter
( Hot Pursuit - 04-May-23 11:00 )

Supreme Industries consolidated net profit declines 14.52% in the December 2022 quarter
( Results - Announcements 24-Jan-23 14:24 )

Supreme Industries
( Analyst Meet / AGM - Conference Call 17-Oct-14 18:35 )

Supreme Industries consolidated net profit declines 28.09% in the March 2022 quarter
( Results - Announcements 29-Apr-22 15:50 )