Shares of Sintex Industries fell as much as 7.7 per cent to touch a low of Rs 93.70 after the company announced that its net profit for the quarter ending December grew at 11 per cent.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
The net profit after tax of the plastic and textile manufacturer grew at 11 per cent to Rs 180 crore in the December quarter as compared to Rs 168.5 crore in the same quarter a year ago, on a consolidated basis.
Sintex Industries registered a growth of 11.9 per cent in net sales to Rs 2044.9 crore compared to Rs 1,826 crore in the same quarter in previous year. However, a Reuters report quoting analysts said that the management lowered FY16 revenue growth guidance lowered to 15 per cent from 20 per cent earlier.
The business material segment of the company grew at 21 per cent and the textile segment of the company grew at 38 per cent.
Shares of Sintex Industries ended 6.88 per cent lower at Rs 94 compared to a 0.44 per cent fall in the broad market indicator, Sensex.