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Sintex Inds.: Monolithic segment revives - Views on News from Equitymaster
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Sintex Inds.: Monolithic segment revives
Oct 22, 2013

Sintex Industries has announced the second quarter results of financial year 2013-2014 (2QFY14). The company has reported around 13.9% YoY growth in sales while net profit growth was flat at 0.8% YoY. Here is our analysis of the results.

Performance summary
  • Consolidated total income increases 13.9% YoY during 2QFY14. Strong performance from prefabricated building systems (+31.1% YoY), overseas custom molding business (+21.6% YoY) and textiles (+11.9% YoY) drove topline growth. After declining in the last quarter, revenue growth from monolithic construction segment was up by 8.7% YoY. However, revenues from domestic custom molding business were down by 3.6 % YoY.
  • Operating profits increased 16.0% YoY with margins remaining more or less flat.
  • Net profits were flat during the quarter despite strong performance at the operating level due to sharp rise in interest (+32% YoY) cost and fall in other income (-92.0% YoY). Adjusting for gains/losses on forex transactions net profits increased 5.3% YoY.
  • For FY14, management expects revenue growth to be in the region of 15%-16%.
  • The company has closed two manufacturing facilities during the quarter as tax benefits over them have expired.

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