Supreme Industries (SI) reported a better than expected blended volume growth of 51.4% YoY (3-year CAGR of 10.9%) in Q3FY23 on a low base, driven by 82% YoY volume growth in the plastic pipe segment (3-year CAGR of 13.9%). EBIT/kg in Q3 stood at Rs17.7/kg (+115% QoQ) – whereas in pipe segment it was Rs16.4/kg (+420% QoQ) as there was some adverse impact of inventory losses due to fall in PVC prices in Oct-Nov’22.