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Reliance Securities Report
Supreme Industries Ltd. reported a revenue of Rs 19.5 billion (up 6% YoY and 1% QoQ), higher than our estimate of Rs 18 billion.
Total volume declined by 18% YoY to 91,363 million tonne, mainly due to a 26% YoY decline in volume of plastic pipes at 57,197 million tonne, while volume of industrial products increased by 6% YoY to 12,365 million tonne.
Volume of packaging products declined by 1% YoY to 16,594 million tonne and consumer products declined by 19% YoY to 5,207 million tonne.
Blended realisation improved by 29% YoY and 13% QoQ to Rs 213/kilo gram. Supreme Industires’ Ebitda declined by 21% YoY to Rs 3.2 billion (our estimate of Rs 2.8 billion), while Ebitda margin declined by 550 bps YoY to 16.3%, due to higher raw material prices.
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