Wednesday, January 18, 2012

Sintex Industries Limited = RESULTS FOR Q3 FT 12 = Q/E DEC,2011 =Cons- Net Income up by 14% YoY for 9 m/eDec, 2011; Basic EPS Rs.7.95 (for 9 m)


Sintex Industries Limited
NSE Symbol        SINTEX

SINTEX INDUSTRIES LIMITED HAS declared results for Q/e Dec,2011.

Q3 FY 2012 BUSINESS HIGH LIGHTS

Ø  Prefabricated Building systems continues strong momentum
Ø  Overall Growth moderation reflects slowdown in Monolithic business and custom molding, resulting in lower margins.
Ø  Sintex Infra projects a wholly owned subsidiary of Sintex Ind has been awarded EPC order of Rs.13bln for 2*150MW from Shirpur Power Pvt Ltd
Financial Performance Overview

Q3 FY 12  vs Q3 FY 11

Ø  Consolidated Net Income from Operations at Rs.11.58bln
Ø  Earnings before Intt, Deprn,Taxes and Amortsn(EBIDTA) at Rs.1.79 bln
Ø  Net Profit After Tax (PAT) at Rs.822 million
Ø  Basic EPS : Rs.3.03
Ø  Subsidiary Margins fell 3.3% during Q3 FY 12 driven by lower Utilization and falling volumes
Ø  Monolithic Margins are down 2%YoY due to slower executions.
Ø  On consolidated Basis – Net Sales is Rs.1158.37 cr in q.e Dec,11, against Rs.1153.57 Cr in q/e dec,2010.
Ø  Net profit is Rs.82.20 cr in q/e Dec,2011 against 38.8 cr in q/e Dec,2010.

9M FY12 vs 9M FY11

Ø  Consolidated Net Income from Operations Higher by 14% to Rs.34.21 bln compared to Rs.30.12 bln
Ø  EBIDTA up stood at Rs.5.97 bln
Ø  Net PAT stood at Rs.2.16
Ø  Basic EPS :Rs.7.95
Ø  The Building Material segment had a lower revenue in the Qtr by -14.02%YoY, Current order Book stands at Rs.30 bln.
Ø  Custom Molding was up 13.19%YoY. It is facing lower volumes in US and Europe now.
Ø  Textile was almost flat at same level.
Ø  Zillion Infra Projects  - has built up an impressive client Base, like BHEL, L&T. Sintex Infra Projects has 30% stake in it.

Stand alone results Analysis

Net Sales  in current Qtr ending Dec,2011 is Rs.682.92 Cr – up by 9.6% from previous qtr ending Sep,2011 and up by 3.7% from corresponding Qtr ending Dec,2010.

Raw Materials consumption stands at Rs.454.64 cr – up by 23.44% from previous qtr and up by 4.17% from corresponding Qtr.

Employees Cost stands at Rs.25.43 – up by 8.48% from previous qtr and up by  8.44% from corresponding Qtr.

Depreciation  stands at Rs.27.91 cr in current qtr – up by 0.46% from previous qtr and up by 25.64% from corresponding Qtr.

Other Expenditure stands at Rs.76.52 Cr in current Qtr – down by -12.26% from previous qtr and up by 43.4% from corresponding qtr.

Total Expenditure     stands at Rs.590.41 Cr in current Qtr – up by 16.29% from previous qtr and Up by 7.73% from corresponding Qtr.

Profit from Operations stands at Rs.93.29 cr in current qtr – down by  -20.02 from previous qtr and down by  -16.11% from corresponding qtr.

Other Income   stands at Rs.16.65 cr – up by 75.79% from previous qtr and up by 11.34% from corresponding qtr.

Interest Expense stands at Rs.31.91 cr – down by -10.06% from previous qtr and up by 42.58% from corresponding qtr.

Exceptional Items     in current qtr amount to Rs.(-)13.54 cr against Rs.59.61 cr in previous qtr, down by (-)122.7%. 

Profit before tax stands at Rs.91.56 cr, Up by 195.14% from previous qtr; and  down (-)11.77% from corresponding QTR.

Tax expense stands at Rs.23.75 cr – up by 35.01% from Previous qtr; and down by -9.28% from corresponding qtr.

Net Profit stands at Rs.67.82 cr – up by a huge 404.75% from previous qtr – and down by -12.61% from corresponding Qtr.

Basic EPS stands at Rs.2.5 – compared to Rs.0.5 in previous Qtr and  Rs.2.86 in corresponding Qtr.

Current Market Price is Rs.71.40 while the 52 week high price is Rs.195 ; while the 52 week low price  is Rs.54.6

RESULTS TABLE (STAND ALONE)

sintex ind
31-Dec-11
30-Sep-11
%DIF1
31-Dec-10
%DIF2
Net Sales
68292.4
62313.42
9.6
65857.12
3.7
Other Oprting Income
77.44
120.46
-35.71
67.37
14.95
Increase in SIT/WIP
591.73
96.3
514.47
1256.2
-52.9
Raw Materials
45463.69
36830.92
23.44
43645.52
4.17
Employees Cost
2543.43
2344.58
8.48
2345.56
8.44
Depreciation
2790.61
2777.72
0.46
2221.1
25.64
Other Expenditure
7651.87
8720.78
-12.26
5336.02
43.4
Total Expenditure
59041.33
50770.3
16.29
54804.4
7.73
Profit from Operations
9328.51
11663.58
-20.02
11120.09
-16.11
Other Income
1664.75
947.03
75.79
1495.15
11.34
Interest
3190.55
3547.34
-10.06
2237.76
42.58
Exceptional Items
-1353.56
5960.89
-122.7
-

Profit before tax
9156.27
3102.38
195.14
10377.48
-11.77
Tax expense
2374.51
1758.79
35.01
2617.46
-9.28
Net Profit
6781.76
1343.59
404.75
7760.02
-12.61
Face Value (In Rs
1
1
0
1
0
Paid Up Equity
2710.68
2710.68
0
2709.91
0.03
Basic EPS
2.5
0.5
400
2.86
-12.59
Public holding (%)
65.04
65.04
0
65.41
-0.57

ANNOUNCEMENTS BY COMPANY

13-01-2012          a press release titled "9M FY 12 Net Sales at Rs.34.21 billion EBITDA at Rs.5.96 billion"

13-01-2012          consolidated Results for the quarter ended on 31-DEC-2011 as follows: Net Sales of Rs. 115837.49 lacs for quarter ending on 31-DEC-2011 against Rs. 115357.47 lacs for the quarter ending on 30-SEP-2011. Net Profit / (Loss) of Rs. 8220.47 lacs for the quarter ending on 31-DEC-2011 against Rs. 3879.64 lacs for the quarter ending on 30-SEP-2011.

13-01-2012          standalone Results for the quarter ended on 31-DEC-2011 as follows: Net Sales of Rs. 68292.4 lacs for quarter ending on 31-DEC-2011 against Rs. 62313.42 lacs for the quarter ending on 30-SEP-2011. Net Profit / (Loss) of Rs. 6781.76 lacs for the quarter ending on 31-DEC-2011 against Rs. 1343.59 lacs for the quarter ending on 30-SEP-2011.

10-10-2011          press release titled "Q2 FY12 Net Sales Jumps 25% at Rs.11536 million; EBIDTA at Rs.2.11 billion".

10-10-2011          consolidated Results for the quarter ended on 30-SEP-2011 as follows: Net Sales of Rs. 115357.47 lacs for quarter ending on 30-SEP-2011 against Rs. 110951.4 lacs for the quarter ending on 30-JUN-2011. Net Profit / (Loss) of Rs. 3879.64 lacs for the quarter ending on 30-SEP-2011 against Rs. 9457.62 lacs for the quarter ending on 30-JUN-2011.

10-10-2011          standalone Results for the quarter ended on 30-SEP-2011 as follows: Net Sales of Rs. 62313.42 lacs for quarter ending on 30-SEP-2011 against Rs. 55566.81 lacs for the quarter ending on 30-JUN-2011. Net Profit / (Loss) of Rs. 1343.59 lacs for the quarter ending on 30-SEP-2011 against Rs. 6913.18 lacs for the quarter ending on 30-JUN-2011.

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