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Plastics and textiles product manufacturer Sintex Industries Ltd on Friday said its net profit declined 52 per cent even as its sales increased 9 per cent in the first quarter ended June 30, 2012.
While the company’s standalone sales were Rs 606.46 crore (Rs 555.66 crore), its net profit stood at Rs 32.88 crore (Rs 69.13 crore), according to a press release.
Terming the quarter as one of “consolidation”, Mr Amit Patel, Managing Director, said the company has maintained the operating margins despite slow momentum on monolithic business.
“The external environment is not very conducive to monolithic business growing aggressively. We are looking at site-wise issues and improve efficiencies at all levels. It will take a couple of quarters before it comes back on the growth trajectory."
He also said strong momentum has been seen in prefabricated structures and India-centric custom-molding business. “The European custom molding business is holding steady despite difficult business environment.”
He exuded confidence that the company will improve balance-sheet ratios “in the near future, as we redeem the FCCB’s liability the end of FY13, which we do not see as a major concern area.”
On Friday, Sintex Industries’ share price at the BSE closed 3.26 per cent up at Rs 66.60.
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