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Plastic products manufacturer Supreme Industries today reported 10.37 per cent increase in consolidated net profit at Rs 43 crore for the quarter ended September 30, 2013. The company’s net profit for the corresponding period last fiscal stood at Rs 38.97 crore.
Supreme Industries, which follows July-June fiscal year, reported 14.17 per cent rise in sales at Rs 705.14 crore from Rs 617.64 crore in the corresponding quarter of FY13.
“This was a tough quarter for us. The sales have improved compared to last fiscal, but increase in raw material cost has had an impact on volume growth,” Supreme Managing Director M P Taparia said.
During the quarter, the company sold 49,978 million tonne of plastic goods as against 49,760 million tonne a year—ago.
“As we enter the second quarter, we expect things to improve. We expect growth of about 12 per cent in volume sales and 22 per cent in revenues,” he said.
The firm has envisaged a capex of Rs 230 crore during the current fiscal, Taparia said.
“We will be utilising the funds for setting up a plastic piping system plant and protective packaging system unit in Kharagpur (West Bengal), to increase pipe production capacity as well as expand capacity in automation and composite pallets,” he added.
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