Sintex Industries Q2 net profit nearly flat at Rs 72.39 cr

NEW DELHI: Textiles and plastic firm Sintex Industries today reported a nearly flat consolidated net profit of Rs 72.39 crore for the second quarter ended September 30, 2013, due to higher finance cost and fall in other income.

The company had reported net profit of Rs 72.08 crore in the same quarter last year.

Net sales of the company during the quarter under review were at Rs 1,359.64 crore, an increase of 14.63 per cent compared with Rs 1,186.07 crore in the corresponding period in the previous year, the company said in a statement.

Sintex's finance costs in the quarter jumped to Rs 47.64 crore compared with Rs 36.08 crore in the same quarter last year.

Other income declined to Rs 51.09 lakh as against Rs 6.42 crore in the same period last year.

Commenting on the result, Sintex Industries Group MD Amit Patel said: "We have responded very favourably to the current environment. I strongly believe we are at the bottom of an economic cycle."

Overall expenses in the quarter were at Rs 1,210.07 crore, an increase of 13.49 per cent as against Rs 1,066.17 crore in the corresponding period last year.