Plastics products maker Sintex Industries Ltd posted a 47 per cent jump in net profit for the second quarter ended September 30. The company’s net profit stood at Rs 107 crore for the second quarter against Rs 73 crore in the same quarter last year. A sharp increase in net profits buoyed investor sentiment for the company’s shares, which jumped close to 20 per cent on the Bombay Stock Exchange (BSE) to close at Rs 86.9 on Monday.

 

Net sales for the quarter increased by 25 per cent to Rs 1,673 crore against Rs 1,341 crore in the corresponding quarter last year.

 

"Our results reflect a sense of renewed vibrancy. The second quarter of fiscal 2014-15 is a reflection of strong growth and a drastic improvement in business sentiment. Utilisations are picking up across businesses, upturn in margins and top-line growth is clearly visible. The initiatives on the Clean India campaign has thrown open a new set of opportunities," said Amit Patel, group Managing Director, Sintex Industries.

 

For the nine-month period the company’s net profit increased by 41 per cent to Rs 169 crore against Rs 119 crore in the corresponding period last year. Net income was registered at Rs 3,014 crore for the nine months ended September 2014, up 21 per cent against Rs 2,483 crore.

 

According to a company statement, Sintex’ textile business grew fastest during the second quarter, with 31 per cent topline growth at Rs 171 crore against Rs 131 crore in the same quarter last year. The buildings material business grew by 26 per cent during second quarter to Rs 810 crore against Rs 641 crore last year.

 

Sintex shares had touched a 52-week high of Rs 107.45 on June 10 this year, while its 52-week lows were seen at Rs 23.20 on October 11 last year.

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