Revenue from operations rose marginally to Rs 1,183.33 crore during the quarter as against Rs 1,177.39 crore posted in the similar quarter previous year.

Profit before tax stood at Rs 92.41 crore in Q3 FY24, down 23.9% from Rs 121.43 crore reported in Q3 FY23.

EBITDA was at Rs 94.9 crore in the third quarter of FY24, registering a de-growth of 20.4% from Rs 119.2 crore reported in Q3 FY23. EBITDA margin reduced to 7.99% in Q3 FY24 as compared to 10.10% recorded in the corresponding quarter previous year.

On 9-month basis, the company’s net profit tumbled by 36.5% to Rs 214.99 crore on 5.52% decline in revenue from operation to Rs 3,678.27 crore in 9M FY24 over 9M FY23.

Meanwhile, the board of directors of the company approved a capital investment to the extent of Rs 800 crore for establishing plant for manufacturing of polystyrene (PS), expandable polystyrene (EPS) and styrenics derivatives comprised of extruded polystyrene insulation board (XPS), EPS 30 panel, sheeting of PS/engineering plastics for use in building and construction industry at new location at village Munak, Tehsil¬Ballah, district Kamal, Haryana.

The firm’s current effective capacities to produce PS, EPS and XPS are 3,00,000 MTA, 1,10,000 MTA and 72000 m3 respectively. Its current capacity utilization for PS, EPS and XPS put together is in excess of 70%.

The company in its 1st phase of project has proposed capacity addition of 80,000 MTA for PS; 50,000 MTA for EPS; 1,00,000 cubic meter for XPS; one million square meter for EPS 3D Panel and 12,000 MTA for sheeting of PS/engineering plastics.

All projects shall be implemented in stages over a period of 36 to 48 months post receipt of statutory clearances, said the company.

Explaining the rationale, the company said, “The proposed projects shall meet increased demand for Polystyrene and Expandable Polystyrene in dom6stib and bxfort markets in the years ahead. Value added products of Extruded Polystyrene lnsulation Board, EpS 3D panel and Sheeting of PS/Engineering Plastics are being added to promote increased usage of Styrenic derivatives in the building and construction industry.”

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 scrip rose 1.24% to Rs 546.60 on the BSE.