Supreme Petrochem rallies 20% as net profit zooms over 700%

NEW DELHI: Supreme Petrochem Ltd surged 20 per cent in intraday trade on Wednesday, after the company reported 723.3 per cent YoY increase in net profit to Rs 63.4 per cent for the quarter ended June 30.

The stock closed the day at Rs 114.40, up 19.98%, on the BSE.

It reported a net profit of Rs 7.7 crore in the corresponding quarter of last fiscal.

However, total income declined by 18.6 per cent YoY to Rs 679.40 crore for the first quarter of the current financial year, as compared to Rs 834.90 crore reported in the year-ago period.

Supreme Petrochem Ltd also informed BSE that the Board of Directors of the Company at its meeting recommended dividend of Rs. 1.50/- per share for the year 2014-2015 on equity shares entailing an outgo of Rs. 17.42 crore including dividend distribution tax.