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KRChoksey Report
In Q2 FY22, Supreme Petrochem Ltd.’s revenue increased by 71.6% YoY to Rs 11,908 million mainly on account of low base. On sequential basis, revenue was up by 13.7%.
Ebitda increased by 51.2% YoY but declined 10.8% QoQ as raw material cost was higher by 22.5% QoQ. Ebitda margin contracted by 406 bps QoQ and 199 bps YoY to 14.8%.
Net Profit stood at Rs 1,271 million down by 13.1% QoQ, in line with lower Ebitda; however, on YoY basis net profit was up by 47.5%
Demand remained buoyant; better realisations amidst rising crude prices:
Revenue from operation beat our estimate by 3.9%. The surge in revenue was led by the pent-up demand from the end-user industries and better realisations amidst rising crude prices.
Furthermore, with the shutdown of India's second-largest polystyrene (PS) producer, SPL has gained market share. Its position would strengthen further once the ongoing capex of 1,20,000 MT of PS/ Expandable Polystyrene (EPS) comes onstream.
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