Supreme Petrochem Ltd on Thursday announced that the production capacity of expandable polystyrene (EPS) at its Chennai plant has increased to 33,000 tonnes per annum (TPA) from the existing 24,000 TPA.

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This comes after the company completed EPS production facility commissioning trials at its plant at Manali New Town in Chennai on December 28, 2022.

The company has been focusing on expanding its EPS capacity at its plants.

In March, the company's board approved the Phase II expansion of its Expandable Polystyrene plant at Nagothane in Maharashtra by 30,000 MTA.

Also, the board had approved setting up a second line of Extruded Polystyrene Board (XPS) with a capacity of 1,00,000 cubic metres and increasing the masterbatch and compounds capacity by 50,000 MTA.

For the September quarter, the company's net profit for the period declined 68 percent year-on-year to Rs 60 crore.

Revenue for the quarter also declined 17 percent sequentially to Rs 1,234 crore from Rs 1,485 crore in June.

Supreme Petrochem, a joint venture between Supreme Industries Ltd. and the Rajan Raheja Group, owns and operates production facilities from two locations in India -- Amdoshi Wangani Village near Nagothane in District Raigad, Maharashtra and New Manali Town near Chennai.

The company exports its products to more than 100 countries around the world.

Shares of Supreme Petrochem ended 2.34 percent higher at Rs 791.55.

First Published:Dec 30, 2022 9:48 PM IST