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Result Review
Sintex Industries
For 2QFY2012, Sintex Industries registered strong top-line growth. The company’s net
sales grew by 25.3% yoy and to `1,157cr on the back of strong growth of 25.9% yoy in the
plastic segment to `1,043cr (`828cr). The company reported a 93bp yoy contraction in
OPM to 17.7% (18.6%), largely on back of increased purchase of traded goods, up by
132bp yoy. Net profit declined by 61.2% yoy to `39cr (`100cr). The sharp decline in PAT
was due to `60cr loss on forex exchange on outstanding FCCBs. Consequently, with an
extraordinary increase in forex losses, PAT margin also declined by 749bp to 3.4%. We will
be coming out with an updated report post management concall. We may revise our
estimates and target price post the concall today.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Review
Sintex Industries
For 2QFY2012, Sintex Industries registered strong top-line growth. The company’s net
sales grew by 25.3% yoy and to `1,157cr on the back of strong growth of 25.9% yoy in the
plastic segment to `1,043cr (`828cr). The company reported a 93bp yoy contraction in
OPM to 17.7% (18.6%), largely on back of increased purchase of traded goods, up by
132bp yoy. Net profit declined by 61.2% yoy to `39cr (`100cr). The sharp decline in PAT
was due to `60cr loss on forex exchange on outstanding FCCBs. Consequently, with an
extraordinary increase in forex losses, PAT margin also declined by 749bp to 3.4%. We will
be coming out with an updated report post management concall. We may revise our
estimates and target price post the concall today.
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