Sintex Q2 net zooms 93%

Sintex Industries today posted a 93% increase in net profit at Rs 31.5 crore for the quarter ended September 30  as against Rs 16.3 crore for the corresponding period in the last fiscal.

Net sales increased 49% to Rs 266.7 crore for the second quarter ended September 30 from Rs 178.4 crore in the year-ago period, a company release said.
    
"We sustained our growth momentum on the back of healthy demand traction in both our business segments. We continue to aggressively pursue inorganic and organic opportunities to strengthen our competitive position and enhance value for our stakeholders," Amit Patel, managing director of Sintex, said.
    
For the half year ended September 30, the company reported a net PAT increase of 72% to Rs 52.9 crore from Rs 30.8 crore in the year- ago period.
    
Net sales of the company for H1 grew 53% to Rs 498.3 crore from Rs 325.1 crore a year ago.
    
The company said it is investing about Rs 400 crore to expand its textiles and plastics capacity. While the funding of expansion in the plastics segment would be through internal accruals, the textile division's expansions would be funded through borrowings and the textile upgradation fund (TUF) scheme.