Styrenix Performance Materials Q1 Results Total Revenue ₹698.71 Crores & Operating Income ₹80.38 Crores

Styrenix Performance Materials Q1 Results: Styrenix Performance Materials has shown strong results for the quarter ending in June 2024. The company’s total revenue increased by 28.49% year-over-year (YoY), growing from ₹543.78 crore in June 2023 to ₹698.71 crore in June 2024. Compared to the previous quarter, it also rose 16.70% quarter-on-quarter (QoQ), showing healthy progress.

Styrenix Performance Materials’ selling, general, and administrative expenses stayed almost the same, rising slightly by 0.73% YoY, while depreciation and amortization costs went up by 2.62% YoY, reflecting normal business growth. Other operating expenses also increased, showing a 9.42% YoY rise, which is a sign that the company is spending more to keep operations running smoothly.

Styrenix Performance Materials’ total operating expenses, they increased by 23.19% YoY, while operating income jumped significantly, rising by 92.09% YoY, which means the company is getting much better profits from its business. When we compare this to the last quarter, operating income grew by 28.28% QoQ.

TStyrenix Performance Materials’ net income before taxes is also up by 90.33% YoY, which is great for profitability. Overall, the company’s net income increased by 88.65% YoY and 23.99% QoQ, showing that Styrenix is performing well both yearly and quarterly.

Here’s a summary of Styrenix Performance Materials Q1 results for the period ending June 2024:

(₹ in crore)

Source: Here 

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Styrenix Performance Materials Q1 Results

For the quarter ending June 2024, Styrenix Performance Materials earned ₹698.71 crores in revenue from its operations, which is higher than the previous quarter's ₹598.71 crores and the same quarter last year's ₹543.77 crores. In addition, the company earned ₹2.48 crores from other income, which brings the total income to ₹701.19 crores for the June 2024 quarter. This total income has also increased compared to ₹601.10 crores in March 2024 and ₹545.88 crores in June 2023.

Styrenix Performance Materials’ total expenses for June 2024 amounted to ₹608.99 crores. These expenses include costs like raw materials (₹554.17 crores), employee benefits (₹16.77 crores), and other operational expenses. After deducting expenses, the company's profit before tax was ₹82.25 crores, a rise from ₹64.43 crores in March 2024 and ₹43.22 crores in June 2023.

Styrenix Performance Materials’ After accounting for taxes, the company’s net profit for June 2024 was ₹61.20 crores, higher than both March 2024’s ₹49.37 crores and June 2023’s ₹32.45 crores. This indicates that the company has seen consistent growth in revenue and profit over the last year.

Here’s a simple summary of the financial results for the quarter ended June 30, 2024, and comparison with other periods.

(INR Crores)

Styrenix Performance Materials Financial Metrics

Styrenix Performance Materials table provides key financial details. Its market cap is ₹ 4,252 crores, meaning the total value of the company’s shares is that amount. The current price of one share is ₹ 2,417. Over a period, the stock price has ranged from ₹ 1,030 to ₹ 2,880. The Price-to-Earnings (P/E) ratio is 21.0, which helps investors compare the stock price to the company's earnings.

Here is the financial data in table format:

Quarterly Results 

The table shows the financial performance of Styrenix Performance Materials for the last three quarters: December 2023, March 2024, and June 2024. During this time, the company's sales increased steadily, reaching ₹699 crores in June 2024. Expenses also grew, but the operating profit improved from ₹58 crores in December 2023 to ₹90 crores in June 2024. The operating profit margin (OPM) slightly rose to 13% by June.

Here is the version for the requested periods (Dec 2023, Mar 2024, and Jun 2024):

About Styrenix Performance Materials

Styrenix Performance Materials, previously known as INEOS Styrolution India, is the leading producer of plastic resins in India, specializing in Absolac (ABS) and Absolan (SAN). ABS is a strong plastic made from acrylonitrile, butadiene, and styrene, which is used in many products like home appliances, cars, consumer goods, and machinery. Absolan, on the other hand, is made from styrene and acrylonitrile and is used for items like lighting, stationery, novelties, refrigerators, and cosmetic packaging.

With 45 years of experience in the industry, Styrenix Performance Materials has become the top choice for customers due to its dedication to providing high-quality products and tailored solutions. The company focuses on understanding its customers' needs and offering innovative solutions to improve their products. They are committed to working closely with their customers to achieve mutual success. 

Styrenix Performance Materials’ operates four production sites and employs around 500 people. They serve a wide range of industries, including automotive, electronics, household goods, construction, healthcare, packaging, and toys/sports/leisure. Their mission is to help customers succeed by offering the best-in-class, sustainable solutions that give them a competitive advantage.