Supreme Industries Q1 Review - Subdued Performance Marred By Second Wave Of Covid-19: IDBI Capital
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IDBI Capital Report
Supreme Industries Ltd.’s Q1 FY22 result was below our and consensus estimates.
Statewide lockdowns amid second wave of Covid-19 dented product sales volume in April and May, particularly for agri-pipes which generally attracts higher traction pre-monsoon.
Supreme Industries reported net sales of Rs 13.4 billion, declined by 23.7% YoY, while Ebitda came in at Rs 2.2 billion, a robust growth of 89.6% over Q1 FY21.
It reported net profit of Rs 1.7 billion, higher by 319% YoY.
Higher sale of value added products supported margins expansion despite lower net sales in Q1 FY22.
The management reiterated to remain focused on capacity addition and increasing share of value added products in total sales in future.
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