Sintex Industries (Sintex) has reported disappointing Q1FY09 numbers due to lower volumes in the BT Shelter business and below-expected textiles revenues. The results on QoQ basis are really bad.
Net sales increased 108% YoY [9.2bn Q4FY08] to Rs 7.1bn, this was spurred by the acquisitions of Bright AutoPlast, Nief Plastics and Wausaukee rather than growth in core operations. Sintex’s net profit grew at 68% YoY to Rs 567mn.
Higher employee costs and other expenditure shaved 590bps off the EBITDA margin to 11%. Order book totalled Rs 15bn at the end of the quarter with an execution period of two years.
EPS for Q1FY09 is Rs 3.8 compared to Rs 6.4 in Q4FY08.