Textiles and plastics firm, Sintex Industries, said on Friday that its consolidated net profit declined by 27.13 per cent to Rs 82.20 crore for the quarter ended December 31, 2011, primarily due to depreciating rupee and slow down in its building products business.
The Ahmedabad based company had a net profit of Rs 112.81 crore in the quarter ended December 31, 2010.
During the quarter under review, the firm’s consolidated net sales stood at Rs 1,158.37 crore, a 2.15 per cent decline from Rs 1,183.84 crore in the corresponding period last fiscal, the company said in a filing to the BSE.
“It’s been a turbulent quarter as far as realigning of strategies is concerned. A depreciated rupee, slowdown in the domestic economy and delays on the government front, our building products business has been flat,” Sintex Industries Managing Director, Mr Amit Patel, said.
On a standalone basis, the firm’s net profit declined by 12.61 per cent at Rs 67.81 crore during the quarter from Rs 77.60 crore recorded in the corresponding period last fiscal.
The firm’s net sales stood at Rs 682.92 crore, up by 3.69 per cent from Rs 658.57 crore posted in the quarter ended December 31, 2010.