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Sintex Inds.: Profit growth under pressure - Views on News from Equitymaster
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Sintex Inds.: Profit growth under pressure
Jul 16, 2013

Sintex Industries has announced the first quarter results of financial year 2013-2014 (1QFY14). The company has reported around 4.4% YoY growth in sales while net profits have declined by 0.4% YoY. Here is our analysis of the results.

Performance summary
  • Consolidated total income increases 4.4% YoY during 1QFY14. Strong performance from prefabricated building systems (+18.7% YoY), overseas custom molding business (+23.0% YoY) and tanks (+17.9% YoY) drove topline growth. Revenues from monolithic construction and domestic custom molding segment were down by 13.1% YoY and 16.3% YoY respectively.
  • Operating profits declined 9.4% YoY, despite modest top line growth. Increase in employee cost by 9.7% YoY hurt growth in operating profits. Operating margins were also down by 210 bps to 14.3% during the quarter.
  • Net profits declined 0.4% YoY due to sharp rise in interest (+22.8% YoY) and depreciation (+16.7% YoY) expenses. Other income increased 107.6% YoY. Adjusting for gains/losses on forex transactions net profits declined 33.5% YoY.
  • For FY14, management expects capex to be in the region of Rs 3.5-4 bn.

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