Supreme Petro Q3 net rises 49 pc to Rs 29.5 cr

MUMBAI: Supreme Petrochem Ltd, engaged in plastic and petrochemical business, today said its net profit grew by 49.59 per cent to Rs 29.56 crore in the third quarter ended March 31, 2011 over the corresponding period an year ago. The company had a net profit of Rs 19.76 crore in the same quarter last fiscal, Supreme Petrochem said in a filing to the Bombay Stock Exchange (BSE).

Net income of the company rose to Rs 511.74 crore in the quarter under review from Rs 412.10 crore during the same period previous year, it said. For the nine-month period ended March 31, 2011, the company''s net profit increased to Rs 66.51 crore from Rs 46.88 crore in the same period previous year, it said.

Net income of the firm jumped up to Rs 1,425.68 crore in the nine-month period under review from Rs 1,146.31 crore in the same period last fiscal.

Supreme Petrochem Ltd (SPL) is a joint venture between the Supreme Industries and Rajan Raheja Group. Supreme Petrochem Ltd, owns and operates a state-of-the art polystyrene facility, with an installed capacity of 2,72,000 tonnes per annum (TPA) located at Nagothane in Raigad District, about 100 km South-east of Mumbai.

The facility also includes a world class colouring and compounding facility with an installed capacity of 25,000 TPA.
The plant is based on technology from the erstwhile Huntsman Chemical Corporation (Now NOVA Chemicals) USA with basic engineering by ABB Lummus Crest, USA.

Shares of the company closed at Rs 62.05, down 0.65 per cent from the previous close on the BSE.