Sintex Industries, the plastics and textiles manufacturer, hit a new 52 week high in the past week, before losing momentum today on Q3 results that were weaker than expected owing to demonetization. Net profits for Q3 FY17 stood at Rs 102.1 crore this Q3 compared to Rs 158.2 crore in the same quarter the previous year.
Company MD Amit Patel said that while demand had "weakened due to demonetization", Sintex expects a sharp recovery, with demand back up and margins improving as the firm has cut down on costs. Commodity costs for the firm are down 40%.
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