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Supreme Petrochem Ltd is a mid-cap company having a market cap of 6,693.33 Crore operating in the petrochemical sector. The company is engaged in manufacturing million tons of Polymers and Expandable Polystyrene (EPS). According to Value Research's data, Supreme Petrochem is a debt-free company, but what is pretty exciting is that the company's board of directors announced Q2 results, a 100% dividend, and a 1:2 stock split at their meeting today, October 27, 2022.

The company has said in a stock exchange filing that its Board of Directors have “Declared Interim Dividend of 4/- (four) per equity share of the Company having face value of 4/- (four) (viz. 100%) for the Financial Year 2022-2023 on its paid up equity share capital (consisting of 94020671 equity shares of Rs. 4/- each) entailing an outgo of Rs.3760.83 Lakhs. The Company has fixed Friday, November 4, 2022 as the "Record Date" for the purpose of eligibility of aforesaid Interim Dividend. Accordingly, the shareholders of the Company as at the close of business hours on Friday, November 4, 2022 will be eligible for payment of dividend."

The company has also informed stock exchanges about the stock split by saying that its Board of Directors has transacted/approved “Sub-Division/Split of existing equity share of the Company from 1 (one) equity share having face value of 4/- each, fully paid-up into 2 (two) equity shares having face value of Rs.2/- (two) each fully paid-up, subject to approval of shareholders of the Company. The Record Date for such subdivision/split of equity shares will be intimated in due course."

On a standalone basis, the company reported net sales of 1231.75 Cr in Q2FY23 compared to 1189.26 Cr reported in Q2FY22 representing a YoY growth of 3.57% and the sales reported in June quarter or Q1FY23 was 1484.18 Cr representing a QoQ fall of 17%. In Q2FY23, the company reported a total revenue of 1246.31 Cr compared to 1195.35 Cr reported in Q2FY22 representing a YoY growth of 4.26% but QoQ the net revenue has fallen 16.77% from 1497.44 Cr recorded in June quarter.

The company reported a profit before tax (PBT) of 78.03 Cr in the quarter ended September 2022 compared to 167.72 Cr recorded in the same quarter last year representing a YoY fall of 53.47%, whereas the PBT has fallen from 252.24 recorded in June quarter or Q1FY23 representing a QoQ fall of 69%. In Q2FY23 the company reported a net profit of 59.64 Cr compared to 127.07 Cr reported in Q2FY22 and 189.09 recorded in Q1FY23, representing a YoY fall of 53.06% and QoQ fall of 68.45%.

The shares of Supreme Petrochem Ltd closed today at 708.00 apiece, down by 2.94% from the previous close of 729.45. In trade today the stock recorded a total volume of 43,556 shares compared to the 20-Day average volume of 36,730 shares. In the last 1 year, the stock has gained 12.86% but on a YTD basis, the stock has fallen 0.29% so far in 2022. For the quarter ended September or Q2FY23, the company reported a promoter shareholding of 64.14%, FIIs holding of 2.20%, DIIs holding of 2.26%, Government holding of 0.09%, and public stake of 31.31%.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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