Sintex Industries Limited
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BSE Code:
502742
NSE Code:
SINTEX
Business Profile
Business Profile
Sintex Industries Limited (formerly Bharat Vijay Mills), incorporated in 1931, has two divisions -- textiles and plastics. The textile division manufactures poplin, coats, polyester shirting, sarees, dhoties, corduroy cloth and other fashion fabrics. The company`s plastic division is its mainstay contributing 72% of the total turnover. SIL has globally competitive position with leadership position across all categories in water tanks, pre-fabricated structures, interior products and industrial products. Its plastic products are well known by the Sintex brand.
SIL has one of the largest integrated plastic processing capacities in India. It manufactures more than 50 types of plastic and related products of various shapes and sizes, which fall under six broad categories: building and construction, prefabs, interiors, industrial, electrical sector and consumer. The company is the market leader with 80% and 56% share in industrial tanks and household tanks respectively. Further, the company has five manufacturing units bringing the total capacity of its textile division to 18 million TPA. The company also has three captive power plants, which have an aggregate capacity of 14,250 KVA.
SIL has plans to pump in Rs 2,750 million for expansion in both its businesses of plastics and textiles. The company will be investing around Rs 1,250 million in plastic division and Rs 1,700 million in textile division. SIL will be setting up three units for manufacturing plastic products to increase installed capacity by 30,000 metric TPA. The capacity of textile division is also expected to increase by 6 million TPA. Further, the company is in the process of making a direct investment in a joint venture abroad under the automatic route to acquire 75% equity shares of Tintofilo Tessile SRL, Italy.
Financials
The company announced a marginal rise in standalone net profit for the quarter ended March 2009. During the quarter, the profit of the company rose 3.74% to Rs 917.08 million from Rs 884.00 million in the same quarter last year. Net sales declined 18.15% to Rs 5,299 million, while total income for the quarter fell 18.22% to Rs 5,437.47 million, when compared with the prior year period. It reported earnings of Rs 6.77 a share during the quarter, registering 9.73% decline over previous year period.