Share Review : Sintex

Sintex Industries announced its 3Q  2011-12 consolidated results. The company’s
net sales came in flat on a q o q basis but declined marginally by 2.1% yoy to
Rs.1,161 crore.

The plastic segment’s revenue witnessed a 2.3% yoy decline and a
0.3% qoq increase to Rs. 1,046 crore. EBITDA declined by 17.1% yoy to Rs. 163cr
(`197cr). EBITDA margin declined by 2.53% y o y to 14.1% (16.6%), largely due to
slower execution in the monolithic segment and lower utilization in the custom
moulding segment.

The Sintex reported forex gain of Rs. 13 Crore during the quarter.
PAT declined by 27.1% to Rs. 82 Crore on the back of EBITDA margin compression
during the quarter. PAT margin also declined by 2.43% to 7.1%.

Angel Broking  continue to maintain, Buy rating on the stock.

Review by Angel Broking
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