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Friday, October 7, 2011

Sintex Industries Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:Sintex Industries Ltd
BSE code:502742
cmp:109

Story:Sintex Industries Limited manufactures and sells plastic and textile related products in India and internationally. It offers plastic building and construction products, including water, loft, panel, septic, and underground water storage tanks; rainwater harvesting systems; PVC pipes; doors, windows, and ventilators; waste water treatment systems; prefabricated buildings; and monolithic solutions for low income group houses. It also provides electrical equipment products consisting of meter boxes, pillar boxes, fuse boards, connection boards, junction boxes, cable trays, cross arms, battery stands, trench covers, pultruded sections, notice plates, and insulators. In addition, the company offers interiors, such as wall paneling products, plastic boards, kitchen cabinets, and furniture systems; industrial products comprising pallets, insulated boxes, pallet containers, chemical/acid tanks, troughs, electroplating/pickling tanks, bins and vats, drums, and injection molded pallets; and consumer products consisting of bins, ice boxes, solar water heating systems, solar cookers, planters, bio gas plants, road dividers, milk cans, and evacuated glass tube systems. Further, it provides customized solutions for infrastructure, construction, interiors, packaging, electrical engineering, railways, defense, and industrial sectors. Additionally, the company offers textile products, including men’s shirting fabrics, ladies wear fabrics, yarn-dyed corduroy, and ultima cotton yarn based corduroy products. Sintex Industries also provides ready-to-stitch cut pieces and small meter lengths for retailers, as well as tents, and water proof and fire retardant fabrics for the defense sector.The stock recently tanked to its 52 week low on market concerns that its FCCB of $225 million due for redemption in March 2013 in the current depreciating rupee scenario could impact its profitability. Goldman Sachs has put out a report stating that if the rupee vis-vis the dollar stays at current levels, the earnings could be impacted to tune of Rs.40-50 crore.The company did well for first quarter ended 30th June 2011. Consolidated topline grew 22% and net profit by 20% on a YoY. On a sequential basis, the growth was tepid as Q4 is seasonally its best, due to which Q1 will always look pale. The company has shown a sharp 40% rise in interest outgo at Rs.35 crore, which is on account of one of its plant completing 10 years, thus getting out of exemption benefit. Tax outgo was also pretty steep, a 100% jump from Rs.17 crore in Q1FY11 to Rs.34 crore in Q1FY12. Equity is at Rs.27.11 crore, giving an EPS of Rs.3.49 for this Re.1 face value stock. Of the 65.04% stake held by the promoters, 38.14% is pledged. Looking ahead, in FY12, barring the rupee impact, the company is expected to do well, with around 20-25% rise expected in net profit. The good product mix and better cash flows bode well for the company.A good hold at present levels.

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