SINTEX INDUSTRIES LIMITED
RESULTS FOR Q2 FY 2013
Q/E SEP,2012
SINTEX
INDUSTRIES has produced a Good set of
results for the second quarter ending Sep,2012.
HIGH
LIGHTS
Net Sales for Q2 FY 13 for q/e Sep,2012 stands at Rs.688.56 Cr ; up by 13.54% from Q1 FY 13, the preceding Qtr (Rs.606.47 Cr); and up by 10.51% from Q2 FY 12,
the corresponding qtr of last year (Rs.623.13 Cr).
Total
Expenditure for Q2 FY 13 for q/e
Sep,2012 stands at Rs.586.80 Cr ; Up by 16.5%
from Q1 FY 13, the preceding Qtr (Rs.503.69
Cr); and up by 15.58% from Q2 FY 12,
the corresponding qtr of last year (Rs.507.70Cr). This is more than
proportionate increase compared to Sales.
Profit
before Intt, Dep. & Taxes for Q2 FY 13 for q/e Sep,2012 stands
at Rs.101.79 Cr ; down by -0.96% from Q1 FY 13, the preceding Qtr (Rs.102.78 Cr); and down by -11.82% from Q2 FY 12, the corresponding
qtr of last year (Rs.115.43 Cr).
Profit
before tax for Q2 FY 13 for q/e
Sep,2012 stands at Rs.78.10 Cr ; up by 53.16%
from Q1 FY 13, the preceding Qtr (Rs.50.99
Cr); and up by 151.75% from Q2 FY
12, the corresponding qtr of last year (Rs.31.02 Cr).
Net Profit for Q2 FY 13 for
q/e Sep,2012 stands at Rs.56.77 Cr ; up
by 72.62% from Q1 FY 13, the preceding Qtr
(Rs.32.89 Cr); and up by 322.54% from Q2
FY 12, the corresponding qtr of last year (Rs.13.44 Cr). This is an impressive
rise on both the preceding and corresponding Qtrs.
Diluted
EPS for Q2 FY 13 for q/e
Sep,2012 stands at Rs.2.09; compared to
Rs.1.21 for Q1 FY 13; and Rs.0.5
for Q2 FY 12.
CURRENT MP : RS.70.40
52 week high/low
price
: 123.20/50.20
RESULTS
TABLE
|
SINTEX IND
|
30-Sep-12
|
%DifQoQ
|
30-Jun-12
|
%Dif YoY
|
30-Sep-11
|
31-Mar-12
|
31-Dec-11
|
|
Net Sales
|
68859.6
|
13.54
|
60646.8
|
10.51
|
62313.42
|
70086.67
|
68292.4
|
|
Total Expenditure
|
58680.55
|
16.5
|
50369.07
|
15.58
|
50770.3
|
59173.17
|
59041.33
|
|
Profit before Intt, Dep.
& Taxes
|
10179.05
|
-0.96
|
10277.73
|
-11.82
|
11543.12
|
10913.5
|
9251.07
|
|
Net Profit
|
5677.21
|
72.62
|
3288.87
|
322.54
|
1343.59
|
7930.98
|
6781.76
|
|
Diluted EPS
|
2.09
|
72.73
|
1.21
|
318
|
0.5
|
2.93
|
2.5
|
|
Changes in inventories of
FG,SIT,WIP
|
1252.3
|
-154.44
|
-2300.3
|
1200.4
|
96.3
|
149.94
|
591.73
|
|
Cost of materials
|
43447.51
|
12.07
|
38768
|
17.96
|
36830.92
|
48489.06
|
45463.69
|
|
Employee benefits
|
2401.86
|
-2.76
|
2469.92
|
2.44
|
2344.58
|
2262.89
|
2543.43
|
|
Depreciation
|
3092.58
|
1.38
|
3050.36
|
11.34
|
2777.72
|
1503.97
|
2790.61
|
|
Other expenses
|
8486.3
|
1.26
|
8381.09
|
-2.69
|
8720.78
|
6767.31
|
7651.87
|
|
Total expenses
|
58680.55
|
16.5
|
50369.07
|
15.58
|
50770.3
|
59173.17
|
59041.33
|
|
Profit before tax
|
7810.11
|
53.16
|
5099.41
|
151.75
|
3102.38
|
10868.29
|
9156.27
|
|
Tax Expenses
|
2132.9
|
17.8
|
1810.54
|
21.27
|
1758.79
|
2937.31
|
2374.51
|
|
Net Profit
|
5677.21
|
72.62
|
3288.87
|
322.54
|
1343.59
|
7930.98
|
6781.76
|
|
Face Value (Rs )
|
1
|
0
|
1
|
0
|
1
|
1
|
1
|
|
Paid-up Equity
|
2710.68
|
0
|
2710.68
|
0
|
2710.68
|
2710.68
|
2710.68
|
|
Basic EPS
|
2.09
|
72.73
|
1.21
|
318
|
0.5
|
2.93
|
2.5
|
|
Public holding (%)
|
63.51
|
0
|
63.51
|
-2.35
|
65.04
|
63.51
|
65.04
|
DETAILS FROM PRESS RELEASE
Commenting on the Company’s financial
performance for Q2FY13, Mr. Amit Patel, Managing Director, Sintex Industries,
said: “It’s been a quarter of crucial
importance. We have had a good run rate across the businesses, especially
prefabricated systems having done exceptionally well. Our consolidated numbers
are looking better over the last couple of quarters, we have grown top line
over 10% sequentially and the visibility has improved across businesses. I
strongly believe we will bounce back in the near future.”
“Today we are
in a better position to improve the return ratios, ensure better working
capital management and shrink the overall size of our balance sheet in the next
couple of years. On the business front, I believe the recent spate of reforms
from the government will gradually revive the domestic economy.
It augurs well
for Sintex as a buoyant social spending and an improved capex from private
sector will ensure a strong revival in our fortunes. ”
Ø
Q2 FY13 Net Sales at
Rs.11,860 mln v/s Rs 11,535 mln
Ø
PAT Rs 723 mln v/s 388 mln
Ø
Gradual improvement in
visibility across businesses
Ø
Strong growth in
Prefabricated building systems at 37%. Building material registers growth,
despite sluggishness in monolithic business
Ø
The Board has also consider proposed
preferential allotment of warrant to Promoters as per SEBI regulations
Business wise Operating Review
Building
materials
Strong growth momentum continues in
Prefabricated building systems business garnering a growth of 37% during the
quarter under review. Addition of new orders from Maharashtra and MP and strong
execution across geographies has given a boost. The social spending pattern
continues to be robust. With the gradual revival in domestic economy, the
fillip will come from the private sector as capex’s pick up in the near future.
Monolithic construction business is still
in a consolidation mode. After factoring the changing business dynamics for the
last couple of quarters and strict monitoring on site-to-site basis, the
company has been able to cut down the number of slow moving sites to 5 during
the quarter under review from 7 earlier. Further action is initiated to bring
down the number of sites from 5 to 3 sites in the coming quarters.
The slackness due to external factors and
beauraticatic has led to high working capital. This will come down going
forward, as the company intends to execute projects only for customers which
work smoothly and pay on time. Similarly order book has been realigned to such
customers who are proactive in clearing documents at a faster pace. Going
ahead, this will ensure lower working capital and overall objective is to
ensure the business becomes cash neutral and then take the business to next
level. However, long term bullishness on the low cost housing segment is
intact. Similarly execution will be moderated and expedited accordingly.
Custom molding
Custom molding revenue has been stable during the quarter.
Though India business has grown 9% during the quarter under review, this is a
significant achievement considering the problems encountered in one of our
leading domestic customer facing labour issues.
The synergies from subsidiaries are gradually flowing through as
the company has added one more global OEM domestically. Plans are afoot to ramp
up the business further and improve the utilization across geographies.
The company is fairly diversified across sectors and geographies
in the segment thus derisking the business from the extreme near term
volatilities.
Textiles
Textile
segment revenues stood at Rs.1169 million for Q2FY13.
The following table represents a revenue break-up:
(Rs mln)
______________________________________________________
Category Q2FY13 Q2FY12 %
______________________________________________________
Building Materials :
Prefabricated Building 2310 1680 37
Systems
Monolithic Construction 2420 2820 (14)
Storage Tanks 620 550 1 3
________________________________________
Custom Molding :
India 2440 2240 9
Overseas 2900 3090 (6)
________________________________________
Textiles 1170 1130 4
________________________________________________________
4
Financial overview :
(Rs mln)
Q2FY13 H1FY13
Net Sales 11860 :: 22624
EBITDA 1893 :: 3710
Depreciation 505 :: 988
Interest 361 :: 715
PAT 724 :: 1191
EPS (Rs) 2.67 :: 4.40
Key focus areas of Balance Sheet going forward :
a) Generate free cash for next couple of
years
b) Improve return on capital
c) Shrink the overall balance sheet size
d) Improve working capital by stringent
controls on monolithic business
* *
* E N
D * * *
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