Sintex Industries has moved higher by 6% to Rs 74.25 after reporting 86% year on year (y-o-y) growth in net profit at Rs Rs 72.35 crore for the quarter ended September 2012, due to lower foreign exchange loss. Analyst on an average had expected net profit of Rs 72 crore from the plastic products maker.
“The company has reported a foreign exchange loss of Rs 4.86 crore on its foreign currency convertible bonds (FCCBs), which was much lower compared to Rs 59.61 crore in the corresponding quarter of last fiscal and Rs 28.86 crore in June quarter of 2012,” the company said in a filing.
Consolidated total income grew 3.6% at Rs 1,198 crore on y-o-y basis, which was also in line with the analyst expectations of Rs 1,199 crore.
Meanwhile, the board has approved to issue up to 30 million warrants having face value of Re 1/- each to promoters of the company on preferential allotment basis.
The stock opened at Rs 70.90 and hit a high of Rs 74.90 on the BSE. A total 11.76 million shares have changed hands on the counter so far on the BSE and NSE.
