5 August 2014

1QFY15 Results Update | Sector: Diversified

Sintex Industries
BSE SENSEX
25,908
Bloomberg

S&P CNX
7,747
SINT IN

Equity Shares (m)

330.6

M.Cap(INR b)/(USDb)

27.8/0.5

52-Week Range (INR)

107/17

1, 6, 12 Rel. Per (%)

CMP: INR87

-11/148/269

Financials & Valuation (INR b)

Y/E Mar

2015E 2016E 2017E

Net Sales

66.8

81.8

96.8

EBITDA

11.1

14.5

18.4

Adj PAT

4.0

5.3

7.6

EPS (INR)

12.1

16.2

21.4

Gr. (%)

-1.2

34.1

31.9

BV/Sh(INR)

122.0

137.7

160.1

RoE (%)

10.5

12.5

14.4

RoCE (%)

10.1

11.5

13.1

P/E (x)

7.2

5.4

4.1

P/BV (x)

0.7

0.6

0.5

TP: INR115

Buy

Below est. due to lower EPC revenue booking: Sintex Industries (SINT)s 1QFY15
revenue grew 19% YoY to INR13.4b (v/s est of INR14.6b) driven by lower revenue
from EPC. EBITDA stood at INR2.1b, +8.1% YoY (v/s est of INR2.3b), translating into
margins of 15.4% (v/s est of 15.8%). Lower other income and higher effective tax
rates of 29% (v/s est of 24%) dent Adj PAT at INR656m (v/s est of INR756m).
Robust growth in Prefab and domestic composites; margins plunged QoQ: Prefab
and domestic composites posted revenue growth of 27% and 35% respectively.
Monolithic segment remains subdued (de-growth of 20% YoY), along with weaker
contribution from EPC. Sequential decline in margin of 2.6pp was driven by (a)
Textile (-10.6pp QoQ, +0.5pp YoY), led by higher labor cost, (b) seasonality in
Prefab (-4pp QoQ, flat YoY), (c) domestic composite (-7.1pp QoQ, +4.6pp YoY)
Acquisition in France offers synergies: Sintex has acquired Simonin group, a
France based custom molding company with strong client base at Euro18m.
Management believes the acquisitions offer there synergies (a) new product
segment (metal molded plastic products), (b) new marquee customers, and (c) an
owned plant in Morocco which would reduce rental cost of Niefs rented plant
Guidance maintained: Management is guiding for overall 15-20% YoY growth in
revenue coupled with a steady margin expansion. It comprises 20-25% YoY
revenue growth in both prefab and domestic composites vertical and stagnancy in
monolithic segment in FY15. Gujarat spinning project phase I (0.3m spindle) is
likely to commence in phases 4QFY15 onwards.
Recovery cycle to benefit operations; maintain Buy: Sintex would be a key
beneficiary from governments strong focus on infrastructure and facility
implementations. Amidst steady performance by prefab segment, we expect
revival in domestic custom molding and monolithic segment to gradually take-off.
The stock trades at 5.4x FY16E EPS, 5.4x FY16E EV/EBITDA. We value SINT at
INR150/share (EV of 6.5x FY16E EBITDA); adjusting for potential dilution of ~27%,
we set our target price at INR115/share 32% upside. Maintain Buy.

Sandipan Pal (Sandipan.Pal@MotilalOswal.com); +91 22 3982 5436

Investors are advised to refer through disclosures made at the end of the Research Report.

Sintex Industries

Below est. due to lower EPC revenue booking

1QFY15 revenue grew 19% YoY to INR13.4b (v/s est of INR14.6b) driven by
lower revenue from EPC segment.
EBITDA stood at INR2.1b, +8.1% YoY (v/s est of INR2.3b), translating into
margins of 15.4% (v/s est of 15.8%).
Lower other income and higher effective tax rates of 29% (v/s est of 24%) dent
Adj PAT at INR656m (v/s est of INR756m).

Robust growth in Prefab and domestic composites; Margins plunged in key

segments
Prefab and domestic composites posted robust revenue growth of 27% and 35%
respectively. Monolithic segment remains subdued (de-growth of 20% YoY),
along with weaker contribution from EPC vertical.
Sequential decline in margin of 2.6pp was driven by
(a) Textile business (-10.6pp QoQ, +0.5pp YoY), led by revision in labor cost.
Management expects textile margin to stabilize at 24-25%
(b) Seasonality in Prefab segment (-4pp QoQ, flat YoY)
(c) Domestic composite business (-7.1pp QoQ, +4.6pp YoY)

Margin (%)
49

155
33

14

14

31
23

19

19

15

16

19

20

17

20

23

23

3QFY14

4QFY14

1QFY15

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

2QFY14

-42

Source :Company, MOSL

Domestic composites: strong recovery, margins dropped QoQ
Margin (%)

Margin (%)

28

12

4QFY13

1QFY14

2QFY14

19

10

10

10

2QFY14

3QFY13

26

1QFY14

2QFY13

18

4QFY13

15

3QFY13

14

2QFY13

20

Source :Company, MOSL

5 August 2014

22

1QFY13

21

24

22

1QFY15

18

23

-6

4QFY14

20

28

107

-16

1QFY13

-16

-4

27

YoY Growth (%)

3QFY14

17

Foreign composites: Margins, growth moderate QoQ

35

15

16

Source :Company, MOSL

YoY Growth (%)

75

25

27

1QFY15

2QFY14

2QFY13

19

1QFY14

16

4QFY13

19

-18

38

27

10

-13

3QFY13

-22

-14

1QFY13

40

YoY Growth (%)

1QFY15

YoY Growth (%)

4QFY14

Margin (%)

Prefab: Robust growth continues

4QFY14

Monolithic + EPC: Weaker revenue, but margin uptick

3QFY14

3QFY14

Source :Company, MOSL

Sintex Industries

Tank business posted de-growth in revenue, lower margins

Margin (%)

Textile: labor cost dent margins, growth robust

YoY Growth (%)

Margin (%)

YoY Growth (%)

33

39

31
21

1QFY14

2QFY14

20

20

24
-2

19

23

Source :Company, MOSL

23

30

20

1QFY15

4QFY13

20

4QFY14

3QFY13

14

3QFY14

2QFY13

11

2QFY14

11

1QFY14

11

4QFY13

12

1QFY15

10

4QFY14

10

-7
10

3QFY14

11

1QFY13

18

12

11

3QFY13

2QFY13

18

1QFY13

42
13

Source :Company, MOSL

Guides for sustained recovery in all segments

Management is guiding for overall 15-20% YoY growth in revenue coupled with
a steady margin expansion. It comprises 20-25% YoY revenue growth in both
prefab and domestic composites vertical and stagnancy in monolithic segment
in FY15.
While Prefab segment continues to thrive, new order inflow is yet to pick up in
monolithic segment. Demand in domestic custom molding segment has been
seeing sign of recovery in commercial vehicles and steady two wheelers.

Acquisition in France offers synergies stabilization a year away

Sintex has acquired Simonin group, a France based custom molding Company
with strong client base at Euro18m. The company recorded revenue of Euro48m
with margin of 8% in F13.
Management believes the acquisitions offer there synergies (a) new product
segment (metal molded plastic product), (b) new customers segment with
marquee background, and (c) an owned plant in Morocco which may lead to
consolidation with Sintexs (Niefs) rented plant in the same locations.
Management expects the stabilization process to take a years time.

Spinning business to commence in phases 4QFY15 onwards

Gujarat spinning project phase I (0.3m spindle) is likely to commence operations

in March-15 with annualized revenue of INR18-20b (1x capex) on stabilization,
with EBITDA margin of 19-20%.
Commencement will take place phase wise with initial 0.1m spindle in 4QFY15,
followed by 0.1 each in subsequent quarters.

Recovery cycle to benefit operations, maintain Buy

5 August 2014

Sintex would be a key beneficiary from governments strong focus on

infrastructure and facility implementations in various verticals viz. education,
healthcare, sanitation and EWS housing, slum redevelopment.
Amidst steady performance by prefab segment, we expect revival in domestic
custom molding and monolithic segment to gradually take-off.

Sintex Industries

The stock trades at 5.2x FY16E EPS, 5.4x FY16E EV/EBITDA. We value SINT at
INR150/share (EV of 6.5x FY16E EBITDA); adjusting for potential dilution of
~27%, we set our target price at INR127/share 26% upside. Maintain Buy

Revenue growth to resume with EPC, textile, and Prefab

Trend in EBITDA margin

19%

Source :Company, MOSL

18%

FY16E

17%

FY15E

17%

FY14

FY14

FY13

FY13

16% 16%

FY12

FY12

18

16%

FY11

FY11

22

17%

FY10

FY10

14

19%

18%

FY09

15

FY08

14

FY07

-1

FY17E

36

FY16E

FY15E

35

FY09

18%

FY17E

Source :Company, MOSL

Revenue growth (segment wise)

86

FY11
35

26
8

16
0

14 12

Textiles

22

20

Prefab

-8
-19 -11

12

22

25 21 29

14

25
-6

FY12
16 16

FY13
FY14

Monolithic

0
Domestic

Tanks

Foreign

Source :Company, MOSL

10.9
11.4

10.1
10.5

FY14

FY15E

13.1
14.4

10.3
14.3
FY13

11.5
12.5

11.0
14.0

20.9
14.6

FY12

-9.8

15.9

19.1

-5.9 -6.9

10.0

-1.2
-4.7 -5.2

12.6

15.2

2.3

14.2

0.2

0.0

19.4

Return ratios to improve in FY16

20.0

Capex to keep FCFE negative in FY15

-10.9

Source: Company, MOSL

5 August 2014

FY17E

FY16E

FY11

FY10

FY09

FY08

FY07

FY17E

FY16E

FY15E

FY14

FY13

FY12

FY11

FY10

FY09

FY08

FY07

-14.4

Source: Company, MOSL

Sintex Industries

Sintex Industries: an investment profile

Company description

Recent developments

Sintex Industries (SINT) is one of the most integrated

plastics processors in India. The key areas of operation
are Building materials (Prefab and monolithic
construction), custom moldings, storage products and
textiles. Building Materials business caters to two kinds
of low-cost construction opportunities - (1) Housing, via
monolithic construction, and (2) Non-housing, via
prefab structures (rural classrooms and healthcare
clinics, sanitation, army barracks, worker shelters, etc).
The company will continue to benefit from the rising
trend of "plasticization", i.e. substitution of metals by
plastic composites across industries, mainly autos,
electrical, erospace, and healthcare, defense, etc.

Key investment arguments

Target price and recommendation

Current
Price (INR)
87

Target
Price (INR)
115

Sintex would be a key beneficiary from

governments strong focus on infrastructure and
facility implementations in various verticals viz.
education, healthcare, sanitation and EWS
housing, slum redevelopment.
Amidst steady performance by prefab segment,
we expect revival in domestic custom molding
and monolithic segment to gradually take-off.
The stock trades at 5.4x FY16E EPS, 5.4x FY16E
EV/EBITDA. We value SINT at INR150/share (EV of
6.5x FY16E EBITDA); adjusting for potential
dilution of ~27%, we set our target price at
INR115/share 32% upside. Maintain Buy.

EPS: MOSL forecast v/s consensus (INR)

Upside
(%)
32.0

Reco
Buy

Shareholding pattern (%)

FY15
FY16

MOSL
Forecast
12.1
16.2

Consensus
Forecast
12.5
16.1

Variation
(%)
-3.0
0.7

Stock performance (1-year)

Jun-14

Mar-14

Jun-13

Promoter

43.8

41.0

36.2

DII

4.9

7.0

8.3

FII

21.6

7.8

24.8

44.1

30.8

Others
29.7
Note: FII Includes depository receipts

5 August 2014

Valuation and view

We believe Sintex's long-term growth story is

broadly intact.
Building materials offers secular play on
government's spending on low cost housing and
social infrastructure.
Composites would enjoy synergies with overseas
subsidiaries and continuous innovations to drive
next phase of profitable growth.

Sintex has acquired Simonin group, a France

based custom molding Company with strong
client base at Euro18m. The company recorded
revenue of Euro48m with margin of 8% in F13.

Sintex Industries

Financials and valuations

Income statement
Y/E March
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)

(INR Million)
2014
58,645
14.8
9,642
16.4
2,548
7,094
2,894
774
-161
4,814
1,180
24.5
3,634
3,808
-8.1

2015E
66,774
13.9
11,059
16.6
3,025
8,034
3,096
500
200
5,638
1,468
26.0
4,170
3,985
4.7

2014
311
35,127
35,438
40,630
3,289
79,358
50,323
15,879
34,444
9,000
3,058
48,559
4,511
22,230
2,720
19,099
11,528
10,005
1,523
37,031
85,398

2015E
2016E
2017E
329
329
329
39,875 45,048 52,411
40,205 45,377 52,740
52,576 52,576 52,576
3,289
3,289
3,289
96,070 101,242 108,605
69,763 75,263 81,763
18,904 22,894 27,363
50,859 52,369 54,400
3,000
3,000
3,000
1,058
1,058
1,058
53,251 60,628 69,911
5,125
5,497
5,708
24,148 27,997 32,608
1,110
1,376
3,759
22,868 25,757 27,836
13,963 17,677 21,629
12,211 15,663 19,313
1,751
2,014
2,316
39,288 42,951 48,282
96,070 101,242 108,605
E: MOSL Estimates

Balance sheet
Y/E March
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets

5 August 2014

2016E
81,752
22.4
14,492
17.7
3,990
10,502
3,400
500
100
7,702
2,281
29.6
5,422
5,342
34.1

2017E
96,764
18.4
18,437
19.1
4,468
13,969
3,602
500
0
10,867
3,260
30.0
7,607
7,632
42.9

(INR Million)

Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)

2014

2015E

2016E

2017E

12.2
19.9
113.9
0.7
7.0

12.1
21.9
122.0
0.7
6.4

16.2
28.6
137.7
0.7
7.0

21.4
33.9
160.1
0.7
7.0

7.1
4.4
0.8
1.1
6.4
0.8

7.2
4.0
0.7
1.2
7.2
0.8

5.4
3.0
0.6
1.0
5.4
0.8

4.1
2.6
0.5
0.8
4.1
0.8

11.4
10.9

10.5
10.1

12.5
11.5

14.4
13.1

0.7
138.4
28.1
74.5

0.7
132.0
28.0
80.0

0.8
125.0
24.5
85.0

0.9
123.0
21.5
90.0

1.0

1.3

1.1

0.9

2014
4,962
2,548
0
2,894
-1,180
-7,997
1,065
-7,067
-1,755
0
-8,822
821
3,492
-2,894
-254
1,576
-6,181
8,902
2,721

2015E
5,423
3,025
0
3,096
-1,468
-3,867
6,409
-19,481
2,000
0
-17,481
881
11,946
-3,096
-269
9,461
-1,610
2,720
1,110

2016E
7,582
3,990
0
3,400
-2,281
-3,397
9,395
-5,500
0
0
-5,500
40
0
-3,400
-269
-3,629
266
1,110
1,376

Cash flow statement

Y/E March
OP/(Loss) before Tax
Depreciation
Others
Interest
Direct Taxes Paid
(Inc)/Dec in Wkg Cap
CF from Op. Activity
(Inc)/Dec in FA & CWIP
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax)
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance

(INR Million)
2017E
10,842
4,468
0
3,602
-3,260
-2,948
12,704
-6,500
0
0
-6,500
50
0
-3,602
-269
-3,821
2,384
1,376
3,759

Sintex Industries

NOTES

5 August 2014

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SINTEX INDUSTRIES LTD

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For Singapore

Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors
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to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Anosh Koppikar
Kadambari Balachandran
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Motilal Oswal Securities Ltd

5 August 2014

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