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Centrum Broking Report
Supreme Industries Ltd.’s volumes and realisation grew by 53% and 8% YoY respectively. However, volumes were still 4% below Q1 FY20 level.
Sales grew 64% while Ebitda and profit after tax grew by 21% and 25% respectively on account of low base of Q1 FY22.
Ebitda margins declined to 12.2% on account of change in product mix (higher sales of agri pipes) and inventory losses led by sharp drop in polyvinyl chloride resin prices. PVC, polypropylene and low density polyethylene prices have declined between 13% to 32% year-to-date with PVC registering the highest fall since April 2022.
Supreme Industries maintained volume growth guidance of 15 and Ebitda margins of 15% for FY23. Inventory losses are expected to extend in Q2 FY23 and margins and demand are expected to be better in H2 FY23.
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