Sintex expects single digit growth in FY13

Leading plastics goods player Sintex Industries is eying single digit growth in revenues in the current financial year over last fiscal. The company is bullish on its custom moulding business which is likely to grow in double digits during the fiscal, informed a senior official in the company.

The company had posted revenues worth Rs 2568.22 crore during 2011-12, and a net profit of Rs 229.69 crore. Recently, the company's board has approved plans to raise over Rs 1800 crore through the issue of securities in overseas and domestic markets. A senior company official said that the fund raised would be used in refinancing the foreign currency convertible bonds that would mature on March 28, next year. "No capex is planned for this year", he added.

With fluctuating crude prices, the company's profitability has been hit, he admitted. "We have, however, managed to pass on bulk of the rise in input costs to the consumer, and are margins have not been hit very badly", the official added.

Going by the current market conditions, Sintex Industries aims to end the fiscal with single digit growth in revenues. It is bullish on the custom moulding segment which at present contributes around 32 per cent of its total turnover. Sintex was earlier looking at buying custom moulding companies in the US and Europe to boost its portfolio. Nothing has been firmed up on that front yet.