Rupee woes, slowdown affect Sintex net profit, down 27.13%

New Delhi: Textiles and plastics firm Sintex Industries today said its consolidated net profit declined by 27.13 percent to Rs 82.20 crore for the quarter ended 31 December 2011, primarily due to depreciating rupee and slowdown in its building products business.

The Ahmedabad-based company had a net profit of Rs 112.81 crore in the quarter ended 31 December 2010.[caption id=“attachment_181515” align=“alignleft” width=“380” caption=“Less filled tanks. Image courtesy Sintex”]  [/caption]

During the quarter under review, the firm’s consolidated net sales stood at Rs 1,158.37 crore, a 2.15 percent decline from Rs 1,183.84 crore in the corresponding period last fiscal, the company said in a filing to the BSE.

“Its been a turbulent quarter as far as realigning of strategies is concerned. A depreciated rupee, slowdown in the domestic economy and delays on the government front, our building products business has been flat,” Sintex Industries managing director Amit Patel said.

More from Fwire

BCCI earned more than Rs 2,400 crore in IPL 2022, reveal documents Eight Russian judokas barred from world championships after Ukraine boycott

On a standalone basis, the firm’s net profit declined by 12.61 percent at Rs 67.81 crore during the quarter from Rs 77.60 crore recorded in the corresponding period last fiscal.

The firm’s net sales stood at Rs 682.92 crore, up by 3.69 percent from Rs 658.57 crore posted in the quarter ended 31 December 2010.

PTI