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Sintex textile business Q3FY15 revenue drives up 22.5%
31
Jan '15
Revenues from the textile segment drove up by 22.5 per cent year on year to Rs 186.8 crore at Sintex Industries in the third fiscal quarter ending December 31, 2014.

The profit before tax and interest from the same division zoomed 73.8 per cent to Rs 36.27 crore in the quarter under review from Rs 20.87 crore in the prior year quarter.

Capital employed at the textile division amounted to Rs 2,270 crore as on December 31, 2014 compared to Rs 1,601 crore at December 31, 2013.

Sintex said the textile business has seen consistent growth in the last four quarters and better utilisation has seen EBITDA margin expanding to 28 per cent from 23 per cent in same quarter of last fiscal year.

It also added that efforts are being made in the textile division to add new customers and penetrate deeper into existing customers with an enriching product portfolio as a major focus area.

Meanwhile, Sintex expects trail runs on 100,000 spindles of the 300,000 spindles new spinning project in Pipavav to commence in April 2015, with commercial production expected to commence in September.

According to Sintex, work on the remaining balance of 200,000 spindles is in full swing and expects to begin production on the same in December 2015.

Consolidated sales at Sintex, which also includes the building materials and customs molding divisions too expanded higher by 32 per cent year on year to Rs 1,832 crore in the quarter under preview.

Other income during the reporting quarter stood at Rs 119.11 crore as against Rs 19.33 lakh in the corresponding quarter a year ago.

This resulted in Sintex consolidated net profit zooming 91.27 per cent from the prior year quarter to Rs 162.03 crore.

In its vision for 2015, Sintex has targeted higher growth, better utilisations and improved margins and for 2016 spinning is expected to boost further growth.

In 2017, Sintex expects ROCE to improve by 300-400 bps and expects topline growth of 25 per cent from new products and segments and alongside also achieve topline of over Rs 10,000 crore. (AR)

Fibre2fashion News Desk - India

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