India's Supreme Petrochem logs steepest drop in a year as Q1 profit slumps

Supreme Petrochem

28/07/2023 05:26

** Shares of Supreme Petrochem  SPTL.NS  fall as much as
9.2% to 409 rupees, their steepest intraday pct decline since
Aug. 4, 2022
    ** Co on Thursday reported a 63.4% slump in June-quarter
profit after tax to 692.6 mln rupees ($8.4 mln)
    ** Gross sales declined 17.7% to 12.21 bln rupees
    ** Co said domestic sales volume of manufactured products
fell by 4% YoY due to low offtake by appliance manufacturers
    ** Adds that volumes and margin were affected by destocking
due to 20% price fall during the quarter in styrene monomer - 
main raw material for co's products
    ** Almost 308,000 shares change hands as of 9:50 a.m. IST,
1X the 30-day moving average
    ** Stock up 13.8% YTD as of last close

($1 = 82.2460 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))