Key takeaways from Sintex Q3 according to JPMorgan

Moneycontrol Bureau

Brokerage house JP Morgan has further cut earnings estimates and price target for Sintex, on lower than expected third quarter earnings.

Textiles and plastics firm Sintex Industries reported its consolidated net profit declined by 27.13% to Rs 82.20 crore for the quarter ended December 31, 2011, primarily due to depreciating rupee and slow down in its building products business.

The Ahmedabad-based company had a net profit of Rs 112.81 crore in the quarter ended December 31, 2010.

JP Morgan now expects the company to report Rs 14.15 as EPS for this financial year, and Rs 15.15 for the next. Last month, the brokerage had cut price target for the stock to Rs 115 from Rs 208 earlier. The target has been further cut to Rs 105.

Following are JP Morgan