reports
- Rohit Dokania
Sintex Plastics Technology's Q4FY19 results (Dropping Coverage) - The ...
Q4FY19 results highlights SINTEX’s disappointing quarterly streak continued with rev. falling ~15% yoy to ~Rs11.1bn (8% miss). While CM rev. was largely in-line (+1.6% yoy), the prefab/infra business plunged ~78% yoy to ~Rs573m (62% miss). Domestic CM rev. was affected on account of automotive slowdown, but International CM took up the slag. Weakness in industrial capex led to sluggish prefab/infra performance. EBITDA margins fell 250 bps yoy to 9.0% on weak top-line performance (IDFCe: 13.2...
- Rohit Dokania
Sintex Plastics Technology's Q3FY19 results (Downgrade to Neutral) - T...
Q3FY19 results highlights SINTEX’s disappointing quarterly streak continued with rev. falling ~17% yoy to ~Rs11.1bn (8% miss). Both custom moulding (7% yoy fall; 7% miss) and prefab/infra (48% yoy fall; 16% miss) drove the decline in top-line. CM revenue fall was partially attributable to slowdown in automotive business and EUR depreciation, while Prefab/Infra revenue fall was in-line with the company’s strategy. Although EBITDA margins have been steady at 13.7% (20 bps fall yoy; 13.9% est.)...
- Rohit Dokania
Sintex Plastics Technology's Q2FY19 results (Outperformer) - Awaiting ...
Q2FY19 results highlights SINTEX’s disappointing streak continued with revenue falling ~18% yoy to ~Rs11.7bn (15% miss). Key driver for the miss was lower than anticipated custom moulding (CM) revenue which declined ~2.5% yoy (19% miss). Prefab/Infra revenue declined ~49% yoy (6% beat), in-line with the company’s defocusing strategy. EBITDA, however, fell ~14% yoy to ~Rs1.7bn due to cost optimization benefits and reduced focus on CM product streams where the company was not in a position to ...
- Rohit Dokania
Sintex Plastics Technology's Q1FY19 results (Outperformer) - Disappoin...
Q1FY19 results highlights SINTEX’s cons. revenue fell 12.5% yoy to ~Rs13.3bn (in-line). Within segments, custom moulding (CM) has fared slightly worse than expected (+7% yoy on re-stated base; 3% miss) while prefab/infra has done better (50% yoy decline; 16% beat). Govt. driven prefab/infra de-focus continues and the segment is expected to report growth only from FY20E onwards. Cons. EBITDA at Rs1.63bn fell by 30% yoy was weaker than estimates (14% miss), due to weak performance in the domes...
- Rohit Dokania
Sintex Plastics Technology's Q4FY18 results (Outperformer) - P&L conti...
Q4FY18 results highlights SINTEX cons. rev. declined by 3% qoq to ~Rs12.9bn (~10.4% miss). The miss was because of 12% qoq fall in custom moulding (CM) segment (~21% lower than est.) even as prefab & infra segment grew rev. by 21% qoq (beat of 28%). However, the management clarified that CM segment continues to do well and there is some re-grouping between the two segments (no further details were provided). In terms of strategy management maintained that they are de-focusing aggressively f...
- Rohit Dokania
Company update: Sintex Plastics Tech. (Outperformer) - Focus on Balanc...
We remain positive on Sintex Plastics Technology (SINTEX), notwithstanding the company’s underperformance versus broader indices (post listing). Weak 9MFY18 performance, especially in the prefab/infra segment coupled with company’s delay in communicating shift in strategy (taking government share to 0% vs ~60% earlier) has weighed down the stock. However, the silver lining is our expectation that 1) SINTEX’s working capital stress (due to delayed payments) should ease 2) Debt repayments would re...
- Rohit Dokania
Sintex Plastics Technology's Q3FY18 results (Outperformer) - Balance s...
Q3FY18 results highlights SINTEX cons. rev. declined 7% qoq to ~Rs13.3bn (~10% miss). The miss was more pronounced on the Prefab/Infra side (34% qoq decline; ~27% lower than est.) as the company continued to aggressively reduce its focus on high WC govt. driven businesses in this segment. Custom Moulding (incl. Retail) came in marginally below our expectations (2% miss; 6% qoq growth). Weak performance on top-line weighed down on EBITDA, which declined 4% qoq to ~Rs1.8bn (~20% miss). EBITDA...
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