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Sintex Industries: A strong end to the year
May 20, 2013

Sintex Industries has announced the fourth quarter and full year results of financial year 2012-2013 (4QFY13). The company has reported around 36.9% YoY growth in sales while net profits have grown by 65.5% YoY. Here is our analysis of the results.

Performance summary
  • Consolidated total income increases 36.9% YoY during 4QFY13. For the full year, total income increased 14.7% YoY. Strong growth from prefabricated building systems (+35% YoY), domestic custom molding business (+29% YoY) and tanks (+21% YoY) drove topline growth. However, revenues from monolithic construction were down by 8% YoY.
  • Operating profits increased 18.1% YoY, in line with healthy top line growth. However, operating margins were down by 210 bps to 13.5% during the quarter. For the full year, operating margins were down by 100 bps and stood at 15.1%.
  • Net profits increased 65.5% YoY due to sharp rise in other income (+294.5% YoY) and strong performance at the operating level. However, adjusting for exchange gains/losses profits increased 79.1% YoY.
  • The board of directors recommended a dividend of Rs 0.7 per share.
  • The consolidated debt to equity ratio stood at 0.98x at the end of the year.

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