Sintex beats street estimates; Q4 net up 72% to Rs 151 cr

Moneycontrol Bureau

Plastic products manufacturer Sintex Industries surprised the street with the fourth quarter (January-March) consolidated net profit rising 71.6 percent year-on-year to Rs 151 crore, led by other income and tax reversal.

Consolidated total income increased 36.8 percent to Rs 1,401 crore from Rs 1,024 crore Y-o-Y.

Analysts on an average had expected the company to report net profit at Rs 91 crore on total income of Rs 1,278 crore.

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Consolidated other income jumped 4 times Y-o-Y to Rs 45.6 crore in March quarter.

Meanwhile, the tax reversal was Rs 25 crore this quarter as against tax paid of Rs 26 crore, a year ago.

Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 18 percent Y-o-Y to Rs 189 crore in fourth quarter.

However, consolidated operating profit margins dropped 210 basis points year-on-year to 13.5 percent during the quarter.

The stock rose 5 percent to close at Rs 53.95 amid hefty volumes on Bombay Stock Exchange.