CD Equisearch Pvt Ltd

Nov 29, 2014

Company Brief

Sintex Industries Ltd.(SINT)

No. of shares (crore)
Mkt cap (Rs crs)
Current Price (27/11/2014)

36.52
3321
91

Price Target (Rs)

52 week H/L (Rs.)
Book Value (Rs.)

128
105.25/29.10
105

P/BV (FY15e/FY16e)
P/E (FY15e/FY16e)
BSE Code

0.9/0.8
9.4/7.1
502742

NSE Code
Bloomberg
Daily volume (avg. weekly)

SINTEX
SINT IN
1536135

Shareholding pattern
Promoters
MFs / Banks / FIs
Foreign
Govt. Holding
Non-Promoter Corp.
Total Public
Total

39.66
24.23
6.94
0.00
7.08
22.10
100.00

Sintex Industries Ltd (SINT) operates in two main business segments

namely textiles and plastics. In the recent past the company has
diversified into high growth businesses like monolithic construction,
prefabricated structures and industrial custom molding products. SINT
has made eight acquisitions in the past five years and now has 35
manufacturing plants with presence in nine countries and 4 continents.

Highlights

SINT is a leading provider of affordable houses for mass housing

projects by employing alternative technologies like prefabricated
building technology & monolithic concrete construction as against
traditional methods of construction.

During H1FY15, Building products segment sales stood at Rs

1377crs, Custom molding at Rs 1314 crs and textile Rs 325 crs. The
blended margins stood at 16%.

SINT prefab business will see good growth in coming years with the
new government initiatives like Swacch Bharat Mission and
National Mission for Clean Ganga and through various CSR
initiatives by private sectors related to drinking water and
sanitation. The company need not develop any new products and
can get 5% of the total allotted amount for these schemes, ie; Rs
1500-2000 crs.

The order book of EPC business stands at Rs 1700 crs. EPC Business
has recorded revenue of Rs 236 crs in H1FY15. Last year the revenue
from this segment was Rs 340 crs.

The company has incurred nearly Rs 1100 crs in Capex in H1FY15 of

which Rs 1000 crs would be spent on its Spinning Project. The total
project cost of spinning project is Rs 1800crs.

The stock is currently trading at 9.4x FY15E EPS of Rs 9.70 and 7.1x
FY15E EPS of Rs 12.81. We recommend Buy on the stock with a
target price of Rs 128 assuming a P/E multiple of 10x FY16e, an
upside of 41% from the current levels in 9-12 months period.

As on Sep 30, 2014

Recommendation
BUY

Analyst
TANYA KOTHARY
Phone: + 91 (33) 3027 3023
E- mail: tanya.kothary@cdequi.com

Figures in Rs crs

Income from operations*

Other income
EBITDA
Net profit after EOI & profit/loss associate Co
EPS
EPS growth (%)

FY12

FY13

FY14

FY15E

FY16E

4453.54
50.46

5107.86
59.57

5864.46
77.44

6747.66
40.49

8608.39
43.04

721.52

738.69

1025.56

1184.46

1438.43

340.51
12.56

398.47
12.80

376.80
12.11

432.99
9.70

571.84
12.81

-25.2

1.9

-5.4

-19.9

32.1

* include other operating income

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Company Background
Established in India in 1931, Sintex Industries Ltd. is one of the leading providers of plastic products and niche
structured yarn dyed textiles-related products in India. The company has over the years leveraged its established
market dominance in water tanks to tap other higher-margin segments like monolithic construction, prefabricated
structures and industrial custom molding products. It is the only company in India involved in monolithic
construction. It has a market share of about ~ 70% in overhead water tanks, ~ 80% in specialized industrial tanks and
more than 60% in prefabricated structures. With global footprint spanning 9 countries, Sintex has a strong presence in
the European, American, African, and Asian markets including countries like France, Germany and USA. In addition,
through its various subsidiaries, Sintex controls 35 world class manufacturing plants in India & abroad, spread over 9
countries and 4 continents. The company has extensive distribution network with 12 branch offices, over 500
distributors and 10000 retailers spread across India.

Business Profile

Source: Sintex, CD Research

Under the textiles division, the company sells high-end structured fabric to the international and domestic
readymade garment manufacturers. In the plastics division, the company manufactures prefabricated building
materials, monolithic structures, custom molded products and composites. Nearly 46% of the company's
consolidated turnover comes from building materials such as prefabs and monolithics, 44% comes from custom
molded and plastic composite products, while the remaining 10% is accounted for by textiles. Textiles and
construction materials are businesses conducted by Sintex on a standalone basis, while the subsidiaries
manufacture molded products.

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Investment Summary
High Growth, High Return Business in Prefabricated Structures
SINT enjoys important competitive advantages which positions it as
one of the preferred providers for prefabricated solutions. As the
name suggests, these are completely-knocked-down plastic kits for
enclosures (large and small), which can be assembled in six or seven
days making it the fastest and most cost- effective construction
solution. Prefab revenue comprised of 20% of consolidated revenues
and recorded a growth of 21% in FY14. It has got five production
facilities and one is under construction. Product range comprises of
health centres, schools and public administration buildings, project
and site offices, residential units for long gestation projects,
sanitation, shelters for defense. It requires low capex and is a high
return segment.

Key developments in H1FY15, post elections can accelerate buoyancy in key products
Looking at the recent initiatives by the Govt. on Swacch Bharat Mission, clean India campaign, all its products from
package treatment plants and biogas are at the cusp of an inflection point. The campaign entails to address open
defecation, disposal of solid waste and liquid waste through recycling. SINT has presence across the spectrum. As per the
circular of Ministry of Urban Development it would cover 1.04 crore households, provide 2.5 lac seats of community
toilets, 2.6 lac public toilets and solid waste management for 4041 statutory towns. The total cost of the programme over 5
years is estimated at Rs 620 bln with Central outlay earmarked at Rs 146 bln over a period of 5 years. The government
apart, private sector is rising to the social cause in a big way through CSR initiatives to address drinking water, sanitation
issues. A large outlay from corporate kitty is available to further bolster the campaign, an estimated Rs 70-80 bln to be
spent per annum.

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Under National Mission for Clean Ganga it is proposed to spend Rs 510 bln to completely stop discharge of untreated
sewer and waste water from 29000 small and medium industries and 118 urban habitations into the Ganga river. Under
the mission, all 1649 gram panchayats along the river to be free from open defecation. This represents a huge opportunity
for toilet blocks, waste management and package treatment plants (launched under Sintex Nishihara tie-up) for the
company to look ahead to. In fact SINT prefab toilets today command 90-95% of market share. Prefab sales to record a
CAGR of 23% during FY14-FY16e to Rs 1778 crs and the building materials business to continue its strong growth during
the second half of FY15 driven by the prefabricated building business.

Custom molding a low-volume, high margin business

SINT is a market leader in roto molding products. The company is equipped with diverse capabilities of molding which
find applications in many industries. In this segment, the company manufactures industrial products specific to the
clients requirements. Its key products in the custom molding business include electrical enclosures, meter boxes, auto
components, customized products for wind energy, FRP tanks (mainly used in storing oil and chemicals), mass transit,
aerospace, defence and automotive. In FY14 the revenue contribution was 44% to the topline. During the latest H1FY15
this segment recorded a growth of 16% to Rs. 1314 crs & a margin of 19%. In Q1FY15, the company acquired Groupe
Simonin for Euro 18mln (Rs 150 crs approx). The acquisition is a stepping stone in consolidating the positioning in the
European continent with metal parts over molded parts, to meet growing demand of fortune 500 OEMs ranging from
electrical, automotive and home automation. The companys facilities are spread across France and Morocco. This will
help integrate French and Indian plants to offer products and services with differential cost basis. A step further in
synergies, the Pune plant in India initiated LRTM (Light Resin Transfer Molding) process. The process has been replicated
from SINT US subsidiary to cater to customers in India ranging from tractors to excavation/ off the road vehicles.

Custom Molding (In Rs Crs)

Domestic (including Bright
Auto)
Growth (%) y-o-y
Overseas (Wasaukee & Neif
Pls.)
Growth (%) y-o-y

FY10

FY11

FY12

FY13

FY14

FY15E

FY16E

545

670
22.9

822
22.7

1061
29.1

1060
-0.1

1169.78
10.4

1314.33
12.4

946

1190
25.8

1115
-6.3

1298
16.4

1506
16.0

1667.28
10.7

1855.52
11.3

To move up the value chain, SINT adopted to grow inorganically by acquiring companies like Wausaukee Composites
USA, which further acquired Nero Plastics, a competitor in the same business and Neif Plastics in France. In India it
acquired Bright Brothers which specializes in the manufacturing of injection molded plastic components for the
automotive sector. In FY10 Neif Plastics acquired two companies named SICMO and SIMOP, increasing its EU customer
base. With its presence in 9 countries with low cost manufacturing base and access to technology it has opportunities to
cross sell the products. We expect this segment to grow at 11% CAGR for the period FY14-16E.The current market size
of custom moulding is ~$15 bn globally. Since FY08 & FY09 the company acquired 8 companies in Custom Moulding .
In coming years the company expects Bright Auto to gain through the synergies with Neif and Wasaukee. It acquired
customers like Faurecia, Schneidar, Areva, ABB, JCI and also gained foothold in Mass Transit, Off Road Vehicles and
Wind Turbine Segment.

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Strategic blueprint for spinning business

SINT has planned for a 1 million spindle capacity mill to be set up in a phased manner over the next five years. In the first
phase the Company expects to commission 319,872 spindles by April, 2016. This project will enjoy 7% interest subsidy
and over and above 4% TUF (Textile Up gradation Fund) and hence 75% of the debt of total Capex of Rs 1800 crs will cost
less. SINT expects to commence the production by H1FY16 and the revenue from this project to increase the top line by
Rs 800 crs in next two years. Gujarat has 70% of cotton production but production of yarn mainly outside it is not so
power efficient. In this project the company will be provided power on subsidized rate (lesser by Rs. 1/unit.) Duty
exemption @ 15% on power tariff is also expected. The price of cotton fiber to yarn increased only by 4% in China as
compared to 50% in India YOY. In India the cotton prices went down by 3% while yarn prices went up by 19%, hence
margins surged. 75% of the products will be exported and the EBIDTA margin to be in the range of 28-29%.

Textile Business
SINT originally a textile manufacturer has metamorphosed itself into a business Super brand in a plastic processing and
infrastructure business. It is leading continuous fabric processing textile manufacturing in India. It contributes only 10%
to the top line. As a part of this strategy, the company is working on a value driven business model, instead of the lowmargin volume driven approach. It has an integrated plant with a current capacity of 29 mn meters, which can
manufacture high-end niche fabrics that are used by leading fashion brands for their shirtings. It procures 36,000 designs
from design houses annually and sells it to clients across Europe and India.
Around 90% of the company's business volume is exported to EU. In The company holds 70% share of the structured
fabric market in India and is the country's largest player in the Corduroy Segment. Keeping its focus on building strong
relationship with leading fashion houses, SINT consolidated its business further by adding customers like ESPIRIT and
One Star to its largely branded portfolio of its existing clients like Armani, Versace, Burberry, Zara Marcopolo etc. SINT
enhanced its presence in rural and semi-urban markets of India through its ready-to-stitch packages.
Going ahead, we expect this division to grow at a CAGR of 30% over the period FY14-FY16e and contribute 12% to the
total business.

Fund Mobilisation
SINT raised FCCBs in FY12-13 of $140 million (Rs 770 crs) due in Nov 2017. The bond holders are entitled to apply for
equity shares at Rs 65.74. It also raised Rs 175 crs through QIP route. These moves have increased the share capital to
36.52 as on 8 th Nov 2014. $ 42.64 mn FCCB were converted into 3.57 crs equity shares. This increased security premium
account by Rs 230.83 crs. We have assumed in our estimation that the balance $ 97.36 mln FCCBs will be converted into
equity shares at same price and will increase the security premium account by Rs 536 crs.

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SIL had allotted 3, 00, 00,000 warrants optionally convertible into equity shares to Promoter Group companies on
preferential basis at a price of Rs 69.01 per warrant (25% consideration paid upfront). During FY13-14, the 1, 36, 00, 000
warrants were converted into equity shares at a price of Rs 69.01 (inclusive premium of Rs 68.01 per share). In Q1FY15
1.64 cr equity was added on the conversion of 16400000 warrants and this has added another Rs 111 cr to the reserves.
Equity capital is expected to move up to Rs 44.66 crore with reserves improving to Rs 4748.4 crore. This coupled with
our projections of FY15e; the book value of the share will work out to Rs 106.3. Our future projections are made on this
diluted equity assuming full FCCB and Warrants conversion.

Highlights of H1FY15 results

H1FY15 is a reflection of strong growth and a drastic improvement in overall business of the company. Consolidated net
sales increased by 21% to Rs 3025.19 crs and net profit by 37% to Rs 175 crs. Building material segment recorded a growth
of 24%, Custom Molding 16% and Textiles 34%. The spinning project is progressing as per schedule with first 100000
spindles to be on stream by HIFY16 and balance 200000 by H2FY16.

Segment wise Sales breakup (in Rs crs)

H1FY15

H1FY14

% Growth

Building Materials

1377

1108

24.26%

Custom Molding

1314

1134

15.87%

Textiles

325

242

34.20%

Risks & Concerns

Volatility in cost of raw materials might impact the company adversely, if it is unable to pass on the material price
hikes in a timely manner.

Competition in building products segment is expected to increase due to low/moderate entry barriers.

SINT derives 30% of its revenues in foreign currency due to its foreign subsidiaries and exports. Any adverse
movement in foreign exchange rate would impact its performance.

Other risks include a fall in working capital, global slowdown and decreased government spending in social and
infrastructure which might impact the companys growth in future.

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Consolidated Financials
Quarterly Results

Figures in Rs crs

Q2FY15
1680.91
6.10

Income from operations

Other income

Total income 1687.01

Total expenditure 1398.38
288.63
67.65
60.19
PBT 160.79
54.4
PAT 106.39

PBIDT
Interest
Depreciation
Tax

Profit and loss of associate 1.0

Extraordinary item -3.47
Adjusted net profit 110.86
EPS (F.V. 1) 3.04

Q2FY14
1359.6
0.51

% chg.
23.15
1096.08

H1FY15
3025.19
8.62
3033.81
2539.24

H1FY14
2493.0
9.19
2502.2
2132.1

% chg.
21.35
-6.20
21.25
19.10

1365.41
1161.20
204.18
47.65
57.23
99.3
26.91
72.39

23.55
20.42
41.36
41.97
5.17
61.92
102.16
46.97

494.57
132.55
114.82
247.2
79.75
764.11

370.1
91.09
113.6
165.41
47.02
591.27

33.63
45.52
1.07
49.45
69.61
29.2

0.52

92.31

1.54

1.15

33.91

-6.11
79.02

43.21
40.29

-6.29
175.24

-8.65
128.19

27.28
36.70

2.16

40.29

4.80

3.5

37.14

Income Statement

Figures in Rs crs

st

Year ended 31 March

Income from operations
Growth (%)
Other Income
Total Income
Total Expenditure
EBITDA
Interest
EBDT
Depreciation
Tax
Reported PAT
Extraordinary item
Minority interest
Net profit after MI
EPS* (Rs.)

FY12
4453.54
34.7
50.46
4504.00
3782.48
721.52
135.83
585.69
167.82
115.96
301.91
-33.70
4.90
340.51
12.56

FY13
5107.86
14.7
59.57
5167.43
4428.74
738.69
146.24
592.45
205.37
66.93
320.15
-74.73
3.59
398.47
12.80

FY14
5864.46
14.8
77.44
5941.90
4916.34
1025.56
289.38
736.18
254.76
118.03
363.39
-12.12
1.29
376.80
12.11

FY15e
6747.66
15.1
40.49
6788.15
5603.69
1184.46
271.56
912.90
276.13
212.05
424.73
-6.26
2.00
432.99
9.70

FY16e
8608.39
27.6
43.04
8651.44
7213.01
1438.43
299.22
1139.20
286.38
283.99
568.84
0.00
3.00
571.84
12.81

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Balance Sheet

Figures in Rs crs

FY12

FY13

FY14

FY15e

FY16e

SOURCES OF FUNDS
Share Capital
Reserves
Equity Share Warrants
Total Shareholders Funds

27.11
2621.18
0.00
2648.29

31.12
3065.57
28.31
3125.00

31.12
3484.43
28.31
3543.86

44.66
4703.78
0.00
4748.43

44.66
5239.04
0.00
5283.70

Total Debt
Other Liabilities
Total Liabilities

3091.46
31.56
5771.31

3653.99
161.96
6940.95

4006.45
77.39
7627.70

4039.73
150.00
8938.16

4214.73
160.00
9658.43

APPLICATION OF FUNDS
Gross Block
Less: Accumulated Depreciation
Net Block
Capital Work in Progress
Investments

3944.5
1086.32
2858.18
253.1
142.28

4448.34
1333.16
3115.18
359.69
130.32

5401.73
1600.40
3801.33
125.50
305.79

6734.79
1876.53
4858.26
192.44
362.34

7234.79
2162.90
5071.89
200.00
362.34

Current Assets, Loans & Advances

Inventory
Sundry Debtors
Cash and Bank
Loans and Advances
Total CA & LA

395.51
1653.45
720.61
775.89
3545.46

453.10
1780.59
890.19
336.78
3460.66

451.10
2078.46
271.98
315.81
3117.35

535.83
2268.23
827.34
468.29
4099.68

709.42
2926.85
854.24
624.11
5114.62

Current liabilities
Provisions
Total Current Liabilities
Net Current Assets

634.64
344.49
979.13
2566.33

782.26
94.39
876.65
2584.01

1024.08
107.92
1132.00
1985.35

1530.10
138.07
1668.17
2431.51

1865.96
118.07
1984.03
3130.59

Net Deferred Tax

Other Assets (Net of liabilities)
Total Assets

-238.14
189.56
5771.31

-287.91
1039.66
6940.95

-328.88
1738.61
7627.70

-373.39
1467.00
8938.16

-373.39
1267.00
9658.43

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Key Financial Ratios
Year ended 31st March

FY12
FY12

FY13
FY13

FY14
FY14

FY15e
FY15E

FY16e
FY16E

-0.7
-0.7
-16.8
-16.8
-25.2
-25.2
-25.2
-25.2

14.7
14.7
2.4
2.4
17.0
17.0
1.9
1.9

14.8
14.8
38.8
38.8
-5.4
-5.4
-5.4
-5.4

15.1
15.1
15.5
15.5
14.9
14.9
-19.9
-19.9

27.6
27.6
21.4
21.4
32.1
32.1
32.1
32.1

15.1
15.1
7.6
7.6

13.3
13.3
7.8
7.8

16.2
16.2
6.4
6.4

17.0
17.0
6.4
6.4

16.2
16.2
6.6
6.6

9.8

10.6
10.6

11.0
11.0

12.4
12.4

13.513.5

8.4
8.4
13.9
13.9

11.4
11.4

10.5
10.5

11.5
11.5

Market
MarketCap
Cap/ /Sales
Sales

0.5 0.5

0.3
0.3

0.20.2

0.50.5

0.4
0.4

EV/EBIDTA
EV/EBIDTA

5.7 5.7

5.2
5.2

4.04.0

6.06.0

4.5
4.5

P P/E
/E

6.8 6.8

3.6
3.6

3.63.6

9.49.4

7.1
7.1

P P/BV
/ BV

0.9 0.9

0.5
0.5

0.40.4

0.90.9

0.8
0.8

Debt-Equity
Debt-EquityRatio
Ratio

1.2 1.2

1.2
1.2

1.11.1

0.90.9

0.8
0.8

Interest
CurrentCoverage
Ratio

4.1 3.6

3.6
3.9

2.82.7

2.53.3

3.9
2.6

Current
Ratio
Turnover
Ratios

3.6

3.9

2.8

2.5

2.6

Growth Ratios
Growth Ratios
Revenue (%)
Revenue (%)
PBIDT (%)
EBIDTA (%)
Net Profit (%)
Net Profit (%)
EPS (%)
EPS (%)
Margins
Margins
Operating Profit Margin (%)
Operating Profit Margin (%)
Net Profit Margin (%)
Net Profit Margin (%)
Return
Return
ROCE (%)
ROCE (%)
RONW
(%)
RONW (%)

9.8

Valuations
Valuations

Other
OtherRatios
Ratios

Turnover
Ratios
Fixed Asset
Turnover

1.6

1.7

1.7

1.6

1.7

Fixed
Totalasset
Assetturnover
Turnover

1.6 0.8

1.7
0.8

0.81.7

0.81.6

1.7
0.9

Total
assetTurnover
turnover
Debtors

0.8 2.9

0.8
3.0

3.00.8

3.10.8

0.9
3.3

Inventory
Turnover
Debtors
turnover

2.9 9.8

10.4
3.0

10.9
3.0

11.43.1

11.6
3.3

Inventory
Creditorsturnover
Turnover

9.8 5.8

10.4
6.3

10.9
5.4

4.411.4

11.6
4.2

Creditors turnover

5.8

6.3

5.4

4.4

4.2

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Valuation & Recommendation
The future growth drivers for the company in prefab segment will be increased Govt. spending on rural infrastructure,
education, health sanitation and defence. The competitive advantage in this segment would be its wide product portfolio
and ability to service diverse market segments. The near term strategy in prefab business will be warehousing and agri
shed products and new products evolving Do-it-yourself kits and gradually vacation homes.
Monolithic segment growth driver would be spending by Govt. on mass housing projects to meet huge shortage (>50mn
houses), slum rehabilitation. The competitive advantage in this segment would be its ability for faster implementation of
the projects at a cost competitive level. The company will look forward for bidding for larger projects and go for a joint
development model.
Custom moulding segment will look to shift from composites to metals, weather resistant and operational efficiency with
weight reduction. This segment clientele includes several fortune 500 companies. The competitive advantages of this
segment are better technology, servicing by the company in four continents and low manufacturing.
Going ahead, we expect the companys business to be primarily driven by its Prefab division, Textile and EPC, which is
expected to grow at a CAGR of 23%, 30% and 43% respectively over the period FY14-FY16e.
The stock is currently trading at 9.4x FY15E EPS of Rs 9.70 and 7.1x FY15E EPS of Rs 12.81. We recommend Buy on the
stock with a target price of Rs 128 assuming a P/E multiple of 10x FY16e, an upside of 41% from the current levels over a
9-12 month period.

Disclaimer
This document is meant for our clients only and is not for public distribution. This material is for the personal information of the authorized
recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to
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/ 0653, Fax +91 (22) 2283 2276, Email: Website: www.cdequi.com

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Equities

Derivatives

Commodities

Distribution of Mutual Funds

Distribution of Life Insurance

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