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Sintex Inds: Capital structure re-jigged

Jan 21, 2013

Sintex Industries has announced the third quarter results of financial year 2012-2013 (3QFY13). The company has reported around 22.9% YoY growth in sales. However, net profits have declined by 34.7% YoY. Here is our analysis of the results.

Performance summary
  • Consolidated total income increases 22.9% YoY during 3QFY13. Strong growth from monolithic construction (+40% YoY), prefabricated buildings (+22% YoY) and overseas custom molding (+28% YoY) business drove top line growth.
  • Operating profits increased 34.8% YoY, in line with healthy top line growth. Operating margins also increased by 130 bps to 15.4% during the quarter.
  • Net profits declined 34.7% YoY. However, adjusting for exchange gains/losses, profits increased 43.6% YoY.
  • The company completed its intended fund raising exercise during the quarter to redeem the old Foreign Currency Convertible Bonds (FCCBs). It raised Rs 1.7 bn m via Qualified Institutional Placement (QIP), Rs 2.1 bn via preferential allotment to promoters and US$140 m from new step down FCCB (coupon of 7.5% for the first two years).
  • The order book in the monolithic segment stands at Rs 23 bn at the end of the quarter.

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