Supreme Petrochem Q3 profit slumps 80% as revenue, EBITDA tumble

Supreme Petrochem reported a sharp contraction in earnings for the third quarter on Tuesday, January 20, with net profit plunging 80% year-on-year (YoY) to ₹30.6 crore, compared with ₹160 crore in the same period last year, amid a steep slowdown in business activity.

Revenue for the December quarter fell 66% YoY to ₹1,280.9 crore from ₹3,800 crore, while EBITDA declined 70% to ₹102 crore from ₹340 crore a year earlier. Operating margin also softened to 8% from 8.9% in the corresponding quarter of the previous

year.

The company also flagged the impact of India’s newly notified labour codes.

The company stated that, based on the best available information and guidance from the Institute of Chartered Accountants of India, the group has provided for incremental liabilities arising from changes in the definition of “wages.”

This includes a gratuity liability of ₹533.43 lakh (₹529.93 lakh on a standalone basis) and leave encashment compensation of ₹179 lakh.

The impact has been disclosed as an exceptional item, with the company stating it will continue to monitor further clarifications and the finalisation of central rules before making any additional accounting adjustments.

Shares of Supreme Petrochem ended lower on Tuesday, January 20, by 3.48% at 514.00 on the NSE.

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