With its monolithic business witnessing a slowdown, Ahmedabad-based Sintex Industries has witnessed a 27 per cent decline in its consolidated net profit for the third quarter ended December 31, 2011. As against Rs 112.81 crore for the corresponding period in fiscal 2010-11, the company registered a consolidated net profit of Rs 82.2 crore for Q3 this fiscal.
Similarly, the company's consolidated revenue also dipped marginally by two per cent, from Rs 118.60 crore in the corresponding period last year to Rs 116.08 crore this quarter.
Commenting on the company's financial performance for the third quarter, Amit Patel, managing director, Sintex Industries said, "It has been a turbulent quarter as far as realigning of strategies is concerned.”
“A depreciating rupee, slow down in the domestic economy and delays on the government front, our building products business has been flat. Despite this the prefabricated building systems is relatively better driven by smaller ticket sizes, faster execution and clearances. We strongly believe the blip in building products is a temporary phenomena, we should be back on the growth track as things on the ground emerge clearer in the near future,” he added.
