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Sintex Industries Limited

Background
Sintex Industries Ltd (Sintex Industries), the flagship company of Sintex
group, was established in June 1931 as Bharat Vijay Mills Ltd and established
a composite textile mill in Kalol, Gujarat. In 1975, the company entered
into plastic manufacturing business and commenced its plastic moulded
polyethylene liquid storage tanks including water tanks manufacturing unit.
Subsequently in 1995 the company acquired its present name and commenced
manufacturing of SMC moulded products, pultruded products, resin transfer
moulded products and injection moulded products. In 2001, the company
commenced the prefabricated structures business and in 2005 the company
started monolithic business and expanded in prefabricated structures. During
2008, the company expanded its custom moulding business by acquiring
companies. Sintex Industries is engaged as manufacturer and supplier of plastics
and niche structured dyed yarn textiles related products.
DB Patel
Chairperson
Executive Speak
How the business decision making
has undergone change in the current
(uncertain) economic scenario
Despite persisting economic and
business challenges, the team delivered
an immensely satisfying performance
in FY13 as we focused our energies
on internal consolidation aligning our
business operations to the dynamic
business realities. Hence, even when
growth was not on the radar, we clocked
a topline and bottomline growth of 16%
and 17% respectively over FY12.
This business improvement vindicates
the strength and flexibility of our
business model. Our business growth in
FY13, was primarily due to the excellent
performance of the prefab business
segment. Robust product demand from
the education space, more particularly
the mid-day meal scheme accelerated
the growth of this segment. And, we
are only scratching the surface in this
space. The composites segment also
delivered improved numbers against
a challenging business environment in
India and Europe our key markets. And
with the external economic and business
environment turning favourable across
the globe and in India, I am optimistic
about the Companys growth going
ahead.
As the world establishes a stronger
footing on the economic resurgence
path, our company will effectively
dovetail its strategies to capitalize on
emerging opportunities for profitable
growth which will enable us to multiply
shareholder value over the coming
years.

Business Operations
Sintex Industries primarily operates via two business divisions namely plastics
and textiles.
1) Plastics division
Sintex offers a variety of plastic products including liquid/solid storage
solutions, home interior products, prefabricated and monolithic structures,
custom moulded products (consumer and industrial segments) and infrastructure
solutions. As on Mar 31, 2013 plastics business accounted for nearly 90% of
total revenue. The plastic division is further classified into building products and
custom moulding products.
a) Building products
The building products segment includes monolithic construction,
prefabricated structures (prefabs), interiors, water tanks, sub-ground structures,
septic tanks, packaged waste water treatment solutions and environmental
products.
Monolithic concrete constructions are used in low cost mass housing
solutions like slum rehabs, Janta housing and low income group houses.
Sintex Industries executed a township development project in Delhi by
constructing 600 buildings under monolithic constructions.
Prefabricated structures like school, toilet, primary health center,
agrisheds, telecom, shelters, etc. have been introduced by the company.
The company introduced prefabricated bunk houses in the country in
2005. The Companys endeavour to popularise prefab solutions through
its unique do-it-youself kits being marketed through its channel partners
also resulted in sizeable business in year 2013.
Interior products are manufactured by the company to replace traditional
timber, aluminium and steel. In FY12 the company launched and marketed
plastic kitchen cabinets, manufactured D-I-Y (do it yourself) products and
bundled doors and windows.
Water storage tanks has been pioneered by Sintex in year 1980. The
company formed two different product brands Sintex and Reno cater to
high-end and low-end markets.
Sub-ground structures: The company provides water pollution management
solutions through its sub-ground structures comprising septic tanks and
packaged waste water treatment solutions.
Environment products include solid waste management products such as
storage bins. The company also has biogas plants in India.
b) Custom moulding division
The company has two important segments in this division, products which
are customised to certain applications and products which are customised to

260

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customer requirements. Under this division the company manufactures various


products namely:
Industrial containers and FRP tanks: The company manufactures large
industrial tanks to store dyes, colours and chemicals in multiple sizes to
suit diverse industrial uses. In FY12 the company introduced large sized
rotomoulded tanks with a capacity of 1,000 ltrs and above targeting the
chemicals and textiles sector for material storage. Sintex introduced highstrength, non-corrosive and non-reactant Fibre-glass Reinforced Plastics
(FRP) storage tanks to store fuel in dispensing stations, replacing RCC and
steel tanks which, over time, get corroded resulting in soil contamination.
The product has also found application in large malls and commercial
complexes for various storage purposes.
Plastic pallets: Sintex manufactures lightweight, cost-effective and
customised plastic pallets to cater industries like pharmaceuticals,
automotive, electrical, engineering, textiles, fisheries, logistics and
warehousing, among others. In 2011-12, the Company segregated its
product repository into four segments for focused marketing namely:
Pharma pallet: Uniformly moulded pallets having no welds or joints and
meet good manufacturing practices
Dynamic pallet: These products are customised for racking and packing
Export pallet: They are specially designed light pallets meant for exports
Poly pallet: These pallets are for non-pharma industry applications
Insulated boxes: The companys insulated boxes are primarily exported to
Australia and are currently used for its cold-chain management solutions.
Custom moulding for OEMs: The company developed following products
like fuel tanks and mud guard to M&M, AMW, Ashok Leyland and Escorts
off-road vehicles, fuel tanks for generator set manufacturers namely
Kirloskar and Cummins
SMC products: The companys SMC products are targeted towards
housing various meters and other equipments. The products primarily
minimise power theft in last-mile power distribution.
2) Textile Business
The textile division is divided into high-end yarn dyed structured fabrics for
mens shirting; yarn dyed corduroy; ultima cotton yarn-based corduroy and
fabrics for ladies wear. The textiles business accounted for 10% of the revenues.
The company provides fabrics to brands like Arrow and Van Heusen in India.

D&B D-U-N-S No 65-004-9943


Top 500 Ranking
Income

Net Profit

Net Worth

239

193

164

Financial Snapshot (In ` mn)


26,241.4

Total Income
Net Profit

2,297.0

Networth

23,324.2
5,320.3

EBIDTA
BV per share (`)

85.44
8.48

Basic EPS (`)


Ratios (%)
EBITDA Margin

20.27
8.75

NPM

10.20

RONW
Dividend Payout

7.72

Interest cover (times)

3.93

(As on Mar 31, 2012)

Management Details
Chairperson
DB Patel
Vice Chairman
AP Patel
Managing Director
RA Patel
AD Patel
SB Dangayach
Address & Website
Kalol (N.G.) - 382721
Gandhinagar
Gujarat
www.sintex.in

Textile Manufacturing Unit


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