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1QFY2012 Result Review
Sintex
Sintex reported strong top-line growth for 1QFY2012. The company’s net sales grew by
22.1% yoy to `1,112cr on the back of strong growth of 32% yoy in the monolithic segment
to `473cr (`358cr). The company’s OPM expanded by 193bp yoy to 17.0% (15.1%),
largely on the back of a decline in other expenditure, which fell by 323bp yoy. Net profit
increased by 19.9% yoy to `94.6cr (`78.8cr). Despite the OPM expansion, PAT margin
contracted by 15bp yoy to 8.5% (8.7%) because of higher tax provision during the quarter.
We continue to maintain our Buy recommendation on the stock with a target price of
`212. We may revise our estimates and target price post the concall today.
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