Supreme Industries' stock price up by more than 14% today

29 Apr 2024 , 01:18 PM

Supreme Industries’ shares rose about 14% to a new 52-week high of ₹4,939 on Monday after the business reported a 33% increase in sales volume to ₹1,95,369 Crore in Q4FY24 on Friday.

The PAT increased by 126 basis points to ₹314.48 Crore in Q4FY24, from ₹310.56 Crore in Q4FY23.

The company’s revenue for the quarter ending March 2024 increased by 16% YoY from ₹2,609.61 crore in Q4FY23.

The board of directors also recommended that a final dividend of ₹22 per share be paid for the fiscal year ending March 31, 2024, which, when combined with an interim dividend of ₹8 per share, totals ₹30 per share for the present year.

The business intends to commit capital of around ₹1,500 Crore, including carry-forward obligations of ₹496 Crore at the start of the year. The company intends to construct advanced production facilities in Malanpur for industrial valves and Kanpur for uPVC products.

Throughout the year in consideration, the company experienced a 33% increase in volume for Plastic Piping Systems manufactured from various plastic materials. In total, the company sold 501,001 tons of Pipe Systems, compared to 375,046 tons in the previous year.

Yet, despite a decline in PVC resin prices, revenue growth reached approximately 15% compared to the previous year. The company anticipates growth across its entire range of plastic products this year. Additionally, the company is implementing various initiatives to enhance the export of plastic products within its product range, with the response to these efforts proving promising.

At around 1.07 PM, Supreme Industries was trading 11.93% higher at ₹4,856 per piece, against the previous close of ₹4,338.45 on NSE.

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