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Results
28-Jul-23
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Analysis
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Supreme Industries
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OP up 20%, NP up 1%
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Supreme
Industries consolidated net sales increased 7.37% to Rs 2368.58 crore in Q1FY24
compared to Q1FY23. Sales of Plastics
Piping Products segment has gone up 11.12% to Rs 1,626.11 crore (accounting for
68.65% of total sales). Sales of
Industrial Products segment has gone down 1.24% to Rs 298.50 crore (accounting
for 12.60% of total sales). Sales of
Packing Products segment fell 0.99% to Rs 323.10 crore (accounting for 13.64%
of total sales). Sales of Consumer
Products segment has gone up 9.55% to Rs 104.92 crore (accounting for 4.43% of
total sales). Sales of Others segment
has gone down 12.75% to Rs 15.95 crore (accounting for 0.67% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 20.21% to Rs
256.29 crore. PBIT of Plastics Piping
Products segment rose 25.71% to Rs 194.11 crore (accounting for 75.74% of total
PBIT). PBIT of Industrial Products
segment fell 26.11% to Rs 18.88 crore (accounting for 7.37% of total
PBIT). PBIT of Packing Products segment
rose 12.08% to Rs 25.52 crore (accounting for 9.96% of total PBIT). PBIT of Consumer Products segment rose 61.04%
to Rs 17.73 crore (accounting for 6.92% of total PBIT). PBIT of Others reported profit of Rs 0.05
crore compared to loss of Rs 0.54 crore.
PBIT
margin of Plastics Piping Products segment rose from 10.55% to 11.94%. PBIT margin of Industrial Products segment
fell from 8.45% to 6.32%. PBIT margin of
Packing Products segment rose from 6.98% to 7.90%. PBIT margin of Consumer Products segment rose
from 11.50% to 16.90%. PBIT margin of
Others segment rose from negative 2.95% to 0.31%. Overall PBIT margin rose from 9.66% to
10.82%.
Operating
profit margin has jumped from 12.19% to 13.58%, leading to 19.59% rise in
operating profit to Rs 321.59 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
71.66% to 69.43%. Purchase of finished
goods cost fell from 1.50% to 1.27%.
Employee cost increased from 4.18% to 4.24%. Other expenses rose from 10.29% to
11.83%. Power and Oil fuel cost rose
from 2.60% to 3.26%.
Other
income rose 212.09% to Rs 14.2 crore.
PBIDT rose 22.79% to Rs 335.79 crore.
Provision for interest rose 3.68% to Rs 1.69 crore.
PBDT
rose 22.91% to Rs 334.1 crore. Provision
for depreciation rose 16.81% to Rs 72.05 crore.
Profit
before tax grew 24.70% to Rs 262.05 crore.
Share of profit/loss was 63.24% lower at Rs 21.32 crore. Provision for tax was expense of Rs 67.83
crore, compared to Rs 54.3 crore.
Effective tax rate was 23.94% compared to 20.25%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 0.79% to Rs
215.54 crore.
Promoters’
stake was 48.85% as of 30 June 2023 compared to 48.85% as of 30 June 2022.
Full year results
analysis
Net
sales of Supreme Industries have increased 18.38% to Rs 9201.59 crore. Sales of Plastics Piping Products segment has
gone up 19.65% to Rs 6,037.53 crore (accounting for 65.61% of total sales). Sales of Industrial Products segment has gone
up 31.06% to Rs 1,341.63 crore (accounting for 14.58% of total sales). Sales of Packing Products segment rose 9.01%
to Rs 1,319.13 crore (accounting for 14.34% of total sales). Sales of Consumer Products segment has gone
up 9.75% to Rs 444.60 crore (accounting for 4.83% of total sales). Sales of Others segment has gone down 33.27%
to Rs 58.70 crore (accounting for 0.64% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 7.04% to Rs
959.85 crore. PBIT of Plastics Piping
Products segment fell 13.35% to Rs 679.27 crore (accounting for 70.77% of total
PBIT). PBIT of Industrial Products
segment rose 45.34% to Rs 123.92 crore (accounting for 12.91% of total
PBIT). PBIT of Packing Products segment
fell 9.30% to Rs 91.53 crore (accounting for 9.54% of total PBIT). PBIT of Consumer Products segment rose 25.43%
to Rs 67.82 crore (accounting for 7.07% of total PBIT). PBIT of Others reported loss of Rs 2.69 crore
compared to profit of Rs 8.45 crore.
PBIT
margin of Plastics Piping Products segment fell from 15.53% to 11.25%. PBIT margin of Industrial Products segment
rose from 8.33% to 9.24%. PBIT margin of
Packing Products segment fell from 8.34% to 6.94%. PBIT margin of Consumer Products segment rose
from 13.35% to 15.25%. PBIT margin of
Others segment fell from 9.61% to 4.58%.
Overall PBIT margin fell from 13.28% to 10.43%.
Operating
profit margin has declined from 15.98% to 13.04%, leading to 3.42% decline in
operating profit to Rs 1,199.68 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 67.99% to 70.17%.
Purchase of finished goods cost fell from 1.71% to 1.41%. Employee cost decreased from 4.32% to
4.09%. Other expenses rose from 10.42%
to 11.23%. Power and Oil fuel cost rose
from 2.67% to 2.91%.
Other
income rose 49.22% to Rs 29.77 crore.
PBIDT fell 2.58% to Rs 1229.45 crore.
Provision for interest rose 55.73% to Rs 8.02 crore. Loan funds rose to Rs 51.17 crore as of 31
March 2023 from Rs 45.68 crore as of 31 March 2022. Inventories rose to Rs 1,385.64 crore as of
31 March 2023 from Rs 1,260.16 crore as of 31 March 2022. Sundry debtors were higher at Rs 492.38 crore
as of 31 March 2023 compared to Rs 466.81 crore as of 31 March 2022. Cash and bank balance rose to Rs 746.08 crore
as of 31 March 2023 from Rs 526.23 crore as of 31 March 2022. Investments rose to Rs 577.35 crore as of 31
March 2023 from Rs 475.89 crore as of 31 March 2022 .
PBDT
fell 2.82% to Rs 1221.43 crore. Provision
for depreciation rose 14.76% to Rs 263.39 crore. Fixed assets increased to Rs 2,142.50 crore
as of 31 March 2023 from Rs 1,915.43 crore as of 31 March 2022. Intangible assets declined from Rs 7.62 crore
to Rs 5.45 crore.
Profit
before tax down 6.75% to Rs 958.04 crore.
Share of profit/loss was 25.02% lower at Rs 153.25 crore. Provision for tax was expense of Rs 245.96
crore, compared to Rs 263.33 crore.
Effective tax rate was 22.13% compared to 21.38%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 10.65% to Rs
865.33 crore.
Equity
capital stood at Rs 25.41 crore as of 31 March 2023 to Rs 25.41 crore as of 31
March 2022. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 48.85% as of 31 March 2023 compared to 48.85% as of 31 March 2022
.
Cash
flow from operating activities increased to Rs 890.34 crore for year ended
March 2023 from Rs 470.26 crore for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 424.33 crore, compared to Rs
469.94 crore during the year ended March 2022.
The
stock trades at Rs 3362.
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Supreme
Industries: Consolidated Result
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Particulars
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2306 (03)
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2206 (03)
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Var. (%)
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2303 (12)
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2203 (12)
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Var. (%)
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Sales
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2368.58
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2205.98
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7
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9201.59
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7772.82
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18
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OPM (%)
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13.6
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12.2
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13.0
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16.0
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OP
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321.59
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268.91
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20
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1199.68
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1242.11
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-3
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Profit from construction
business
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0.0
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0.0
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0.0
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0.0
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OP including construction
business
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321.59
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268.91
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20
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1199.68
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1242.11
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-3
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Other inc.
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14.20
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4.55
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212
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29.77
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19.95
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49
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PBIDT
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335.79
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273.46
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23
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1229.45
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1262.06
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-3
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Interest
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1.69
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1.63
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4
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8.02
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5.15
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56
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PBDT
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334.10
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271.83
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23
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1221.43
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1256.91
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-3
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Dep.
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72.05
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61.68
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17
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263.39
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229.52
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15
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PBT before Share of
profit of Associates
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262.05
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210.15
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25
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958.04
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1027.39
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-7
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Share of profit of
Associates
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21.32
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58.00
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-63
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153.25
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204.39
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-25
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PBT before EO
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283.37
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268.15
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6
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1111.29
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1231.78
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-10
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EO
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0.00
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0.00
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0.00
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0.00
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PBT after EO
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283.37
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268.15
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6
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1111.29
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1231.78
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-10
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Total Tax
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67.83
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54.30
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25
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245.96
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263.33
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-7
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PAT
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215.54
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213.85
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1
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865.33
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968.45
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-11
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EPS (Rs) *
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#
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#
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68.1
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76.2
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* Annualised on
current equity of Rs 25.41 crore. Face Value: Rs 2 each
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# EPS not
annualised due to seasonality of business
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EO: Extra
Ordinary items, EPS is calculated after excluding EO and relevant tax
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Figures in Rs
crore, Var (%) exceeding 999 is restricted to 999
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Source:
Capitaline Database
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Supreme Industries : Consolidated
Segment Results
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% of (Total)
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2306 (03)
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2206 (03)
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Var.(%)
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% of (Total)
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2303 (12)
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2203 (12)
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Var.(%)
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Sales
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Plastics Piping Products
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69
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1,626.11
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1,463.34
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11
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66
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6,037.53
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5,045.99
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20
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Industrial Products
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13
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298.5
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302.26
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-1
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15
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1,341.63
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1,023.67
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31
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Packing Products
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14
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323.1
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326.33
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-1
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14
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1,319.13
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1,210.11
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9
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Consumer Products
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4
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104.92
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95.77
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10
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5
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444.6
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405.09
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10
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Others
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1
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15.95
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18.28
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-13
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1
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58.7
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87.96
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-33
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Total Reported Sales
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100
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2,368.58
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2,205.98
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7
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100
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9,201.59
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7,772.82
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18
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Less: Inter segment revenues
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0
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0
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-
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0
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0
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-
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Net Sales
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2,368.58
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2,205.98
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7
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9,201.59
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7,772.82
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18
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PBIT
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Plastics Piping Products
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76
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194.11
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154.41
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26
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71
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679.27
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783.88
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-13
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Industrial Products
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7
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18.88
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25.55
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-26
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13
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123.92
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85.26
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45
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Packing Products
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10
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25.52
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22.77
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12
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10
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91.53
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100.91
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-9
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Consumer Products
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7
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17.73
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11.01
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61
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7
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67.82
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54.07
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25
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Others
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0
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0.05
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-0.54
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LP
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0
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-2.69
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8.45
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PL
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Total PBIT
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100
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256.29
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213.2
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20
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100
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959.85
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1,032.57
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-7
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Less : Interest
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1.69
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1.63
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4
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8.02
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5.15
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56
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Add: Other un-allcoable
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28.77
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56.58
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-49
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159.46
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204.36
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-22
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PBT
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283.37
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268.15
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6
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1,111.29
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1,231.78
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-10
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Figures in Rs
crore, Var (%) exceeding 999 is restricted to 999
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Source:
Capitaline Database
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17:57
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