Plastic and Textiles firm Sintex Industries has reported an increase of 11.14 per cent in its consolidated net profit to Rs 180.09 crore for the third quarter ended December 31, 2015 on account of increase in sales driven by CSR spending and clean India initiatives.
The company had posted a net profit of Rs 162.03 crore for the October-December period of the last fiscal, the company said in a statement.
Sintex Industries consolidated net sales during the quarter under review were up 11.99 per cent to Rs 2,044.97 crore as against Rs 1,826.02 crore in the same period last fiscal.
"Our key business, prefabricated building systems and domestic custom molding segment, maintained higher momentum. Prefabs clocked higher sales, driven by CSR spending and clean India initiatives. I believe the momentum is set to continue in future," Sintex Group MD Amit Patel said.
He further added that the company's subsidiary Sintex BAPL has formed a JV with a leading European rotomolding player Rototech, Italy to explore potential opportunities in the domestic automotive markets.
"These are high-end components critical for the automotive industry. We will be introducing this technology for the first time in India," Patel said.
Shares of Sintex Industries were trading lower by 6.09 per cent at Rs 94.85 per scrip on the BSE in the afternoon trade.
