Sintex Industries Consolidated net for FY11 up 38.4% on back of strong volumes across businesses

Subscribe to GoodReturns

Sintex Industries Ltd. is one of the leading providers of plastics and niche textile-related products in India. It came out with the Standalone and Consolidated Financial Results for the Quarter and Year ended March 31, 2011 on April 30, 2011.

Standalone Fiscal Review- For the fiscal year ended Mar'11, Standalone Total Operating reported at Rs. 2618.85 crore that significantly increased by 29.96 % as against Rs. 2015.16 crore in the corresponding period last year.

Of the two main segments, revenue from 'Textiles" rose by 26.3% to Rs. 437.53 crore (Rs. 346.31 crore) while that of 'Plastics" surged by 30.7% to Rs. 2181.31 crore (Rs. 1668.84 crore). While the decrease in Stock in trade and work in progress - WIP stood at Rs. 5.36 crore, down 61.61% from previous year, Employee expense were relatively flat.

On the contrary, the raw material cost surged by 30.16 % to Rs. 1655.19 crore pushing the Operating expenses by 23.95% to Rs. 2021.22 crore. Thus, the Operating profit leapt 55.42 % to Rs. 597.63 crore from Rs. 384.52 crore.

It was the 'Textile" division that showed a quantum jump of 132.6% in PBTI (Profit before Tax and Interest) to Rs. 25.79 crore, while the PBTI of 'Plastics" segment also improved considerably by 57.8% to Rs. 462.5 crore. The margins for the year has rebounded sharply with better capacity utilization and improved global luxury spending.

The Interest expenses surged by 69.18 % to Rs. 86.82 crore, while tax levied went further up by 78.72% to Rs. 121.13 crore. After adjusting all the financial expenses, the company managed to report a net profit of Rs. 357.56 crore registering YoY growth of 30.64 % from Rs. 273.7 crore in corresponding period last year. EPS (diluted, face value of Rs. 1 each) was up by 30.5% to Rs. 13.19 (Rs. 10.10).

Consolidated Fiscal Review- For the fiscal year ended Mar'11, Consolidated Total Operating reported at Rs. 4483.7 crore that significantly increased by 35.1% as against Rs. 3319.17 crore in the corresponding period last year.

Of the two main segments, revenue from 'Textiles" rose by 26.3% to Rs. 437.53 crore (Rs. 346.31 crore) while that of 'Plastics" surged by 36.1% to Rs. 4046.17 crore (Rs. 2972.86 crore). While the decrease in Stock in trade and work in progress - WIP stood at Rs. 3.64 crore, down 86.8% from previous year, Employee expense were relatively flat.

On the contrary, the raw material cost surged by 43.4 % to Rs. 2429.17 crore pushing the Operating expenses by 31.9% to Rs. 3668.24 crore. Profit before interest and exceptional items surged by 62.2% to Rs. 718.12 crore (Rs.481.4 crore).

It was the 'Textile" division that showed a quantum jump of 132.6% in PBTI (Profit before Tax and Interest) to Rs. 25.79 crore, while the PBTI of 'Plastics" segment also improved considerably by 60.7% to Rs. 620.5 crore.

The Interest expenses crept up by 49.2% to Rs. 108.91 crore, while tax levied went further up by 95.4% to Rs. 150.82 crore. After adjusting all the financial expenses, the company managed to report a net profit of Rs. 458.38 crore registering YoY growth of 38.4 % from Rs. 331.32 crore in corresponding period last year.

EPS (diluted, face value of Rs. 1 each) was up by 39.8% to Rs. 16.97 (Rs. 12.14). Board of Directors has recommended a dividend of Rs. 0.65 per equity share for FY"10-11, subject to approval from shareholders.

According to Mr. Amit Patel, Managing Director, Sintex Industries, “FY11 has been a remarkable year at Sintex, driven by strong volumes across businesses and a healthy utilization in capacities, margins have picked up significantly.

Our Monolithic sales have crossed Rs 12 billion mark, this is over five fold jump since FY08. The current order book reflects a strong undertone going forward and we expect the healthy growth to continue.

In Prefabricated building systems we are expanding our geography covering further north and northeastern region in FY12. This will give us a strategic presence in virgin markets with potential long term growth."

Read more about: results, sintex industries, bse, nse
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?