Sintex Industries slips after weak Q1 results

The result was announced during trading hours today, 12 July 2013.

Meanwhile, the S&P BSE Sensex was up 255.95 points, or 1.30%, to 19,932.01.

On BSE, 19.79 lakh shares were traded in the counter as against an average daily volume of 6.71 lakh shares in the past one quarter.

The stock hit a high of Rs 43.95 and a low of Rs 39.30 so far during the day. The stock had hit a 52-week high of Rs 75.60 on 12 October 2012. The stock had hit a 52-week low of Rs 36.65 on 26 June 2013.

The stock had underperformed the market over the past one month till 11 July 2013, sliding 10.76% compared with the Sensex's 2.78% rise. The scrip had also underperformed the market in past one quarter, falling 6.05% as against Sensex's 6.12% rise.

The small-cap company has an equity capital of Rs 31.31 crore. Face value per share is Re 1.

Sintex Industries said that healthy pace of execution continued in prefabricated building systems as revenue in this segment rose by 18.79% to Rs 204.80 crore in Q1 June 2013 over Q1 June 2012.

Commenting on the company's financial performance, Amit Patel, Group MD, Sintex Industries, said, "It has been a tough quarter in terms of business environment, a sluggish domestic economy and global turbulence were the major headwinds. Considering the backdrop we maintained our topline and responded positively to the challenges. We added fresh orders in prefabs and hope to maintain the growth momentum for the year. I Believe, we will make a strong portfolio and overall improvement in capacity utilization. For Sintex, first quarter is generally not a true yardstick for the year."

Meanwhile, the company's board approved exploring the possibility of setting up of new spinning unit of textile division in Gujarat under the new textile policy of the state government. The company is planning to implement approximately 3.20 lakh spindles at projected cost of approximately Rs 1700 crore. This is likely to be ramped up to 10 lakh spindles in 5 years time horizon.

Sintex Industries is a dominant player in plastic and textile business segment. With global footprints spanning 9 countries, Sintex has a strong presence in the European, American, African, and Asian markets including countries like France, Germany and USA.

Powered by Capital Market - Live News