Textiles and plastics firm Sintex Industries today said its consolidated net profit declined by 46.84% to Rs 88.42 crore for the fourth quarter ended March 31, 2012, due to reduction in demand in both domestic as well as international markets.
The company had posted a net profit of Rs 166.34 crore in the same period of previous fiscal, Sintex Industries said in a filing to the BSE.
Net sales of the company declined to Rs 1,015.30 crore during the fourth quarter, compared to Rs 1,462.72 crore during the corresponding period of previous fiscal.
For the year ended March 31, 2102, the company posted a net profit of Rs 301.91 crore, as against Rs 458.38 crore during 2010-11 fiscal.
Commenting on the results Sintex Industries Managing Director Amit Patel said: "A glaring slowdown domestically in the government business and the global recession led to under utilisation of capacities and reduced margins".
Net sales of the company for the year ended March 31, 2012 stood at Rs 4,436.77 crore, compared to Rs 4,475.14 crore during the previous fiscal.
The company's board, which met today, has recommended a dividend of Rs 0.65 per equity share the 2011-12 fiscal.
Shares of Sintex Industries were trading at Rs 59.25 apiece on the BSE in the afternoon trade, down 2.87% from their previous close.