Sintex Industries surges after declaring Q2 result

Sintex Industries advanced 6.23% to Rs 27.30 at 15:08 IST on BSE after consolidated net profit rose 0.43% to Rs 72.39 crore on 13.88% increase in total income from operations (net) to Rs 1364.89 crore in Q2 September 2013 over Q2 September 2012.

The result was announced during trading hours today, 15 October 2013.

Meanwhile, the S&P BSE Sensex was down 66.04 points, or 0.32%, to 20,541.50

On BSE, 60.28 lakh shares were traded in the counter as against an average daily volume of 11.95 lakh shares in the past one quarter.

The stock hit a high of Rs 27.80 and a low of Rs 24.85 so far during the day. The stock had hit a 52-week high of Rs 75.10 on 16 October 2012. The stock had hit a 52-week low of Rs 16.90 on 4 September 2013.

The stock had outperformed the market over the past one month till 14 October 2013, rising 10.06% compared with the Sensex's 4.43% rise. The scrip, however, underperformed the market in past one quarter, falling 36.07% as against Sensex's 3.25% 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 the company has improved earnings before interest, taxation, depreciation and amortization (EBITDA) margin in Q2 September 2013. Healthy execution in prefabs as a result of ongoing spending on social schemes maintained the robust growth in prefabs building segment at 31%. The custom molding business rose 10% largely because of traction in overseas contribution. The textile segment registered a good topline and margin growth. Topline rose 12% and EBITDA margin rose by 241 basis points in Q2 September 2013 over Q1 June 2013. This was driven by better utilization and a dollar appreciation, resulting in better pricing for the products, Sintex Industries said.

Amit Patel, group MD, said we are looking at inorganic opportunities to acquire specific customer or niche technology to bolster our offerings.

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.

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