Astral Limited, previously known as Astral Poly Technik Limited, is an Indian building materials and equipment company headquartered in Ahmedabad. Let’s have an overlook of their Q2 Results.
Table of Content
Key Financial Highlights
- In the first half of the fiscal year 2024, the revenue from operations amounted to Rs. 2,646.1 Cr, with a notable Compound Annual Growth Rate (CAGR) of 31.98%.
- During the same period, the Earnings Before Depreciation, Interest, Taxes, and Amortisation (EBDITA) stood at Rs. 447.2 Cr, demonstrating a CAGR of 29.76 for H1 FY’24..
- The Profit Before Tax (PBT) for H1 FY24 reached Rs. 338.4 Cr, showing a robust CAGR of 34.53%.
- The gross profit margin was recorded at 38.11%.
- Sales in metric tons for the plumbing business amounted to a significant Rs. 10,002.9 Cr, with a CAGR of 20.51%.
Additional Read: Q2 Results Dashboard
Net Profit
Astral Ltd reported a 82.9% YoY increase in net profit, reaching ₹131.2 crore for the second quarter ending on September 30, 2023.
Stock Performance
The company’s shares, as of October 19, 2023, stood at ₹1,847, experiencing a decrease of 5.93 percent on the NSE.
Total Revenue
Total revenue for the quarter was ₹1,363 crore, showing a 16.3% growth compared to ₹1,172 crore in the same period of the previous fiscal year.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) increased by 53% to ₹220 crore in Q2 of this fiscal year, up from ₹144 crore in the corresponding period of the previous fiscal year.
Additional Read: Astral Share Price
Overview of Consolidated Results
(Rs. In Million, except as stated otherwise)
| Particulars | Q2 2023-24 | Q2 2022-23 | Y-O-Y Q2 Vs Q2 %Change | H1 2023-24 | H1 2022-23 | Y-O-Y H2 Vs H2 %Change |
| Revenue from Operations | 13,630 | 11,716 | 16.3% | 26,461 | 23,845 | 11.0% |
| EBDITA | 2,335 | 1,549 | 50.7% | 4,472 | 3,367 | 32.8% |
| EBDITA (% of net sales) | 17.1% | 13.2% | 16.9% | 14.1% | ||
| PBT | 1.768 | 961 | 84.0% | 3,384 | 2,213 | 52.9% |
| PBT (% of net sales) | 13.0% | 8.2% | 12.8% | 9.3% | ||
| PAT (Before OC) | 1,317 | 720 | 82.9% | 2,510 | 1,656 | 51.6% |
| PAT (% of net sales) | 9.7% | 6.1% | 9.5% | 6.9% | ||
| Cash Profit | 1,804 | 1,168 | 54.5% | 3,460 | 2,537 | 36.4% |
| Cash Profit (% of net sales) | 13.2% | 10.0% | 13.1% | 10.6% | ||
| Basic/Diluted EPS (in Rs.) | 4.88 | 2.57 | 89.9% | 9.34 | 5.88 | 58.8% |
Plumbing Business
(Rs. In Million)
| Particulars | Q2 2023-24* | Q2 2022-23 | Y-O-Y Q2 Vs Q2 %Change | H1 2023-24* | H1 2022-23 | Y-O-Y H2 Vs H2 %Change |
| Revenue from Operations | 9,804 | 8,361 | 17.3% | 19,187 | 17,122 | 12.1% |
| Segment EBDITA | 1,768 | 1,125 | 57.2% | 3,421 | 2,424 | 41.1% |
| Segment EBDITA (% of net sales) | 18.0% | 13.5% | 17.8% | 14.2% | ||
| Sales in M.T. | 52,079 | 40,753 | 27.8% | 1,00,029 | 77,331 | 29.4% |
*The above Segment EBIDTA includes loss of Rs.41 Million and Rs. 75 Million for the quarter and half year ended September 30, 2023 respectively for its new Faucet and Sanitaryware business
Paints and Adhesives Business
(Rs. In Million)
| Particulars | Q2 2023-24 | Q2 2022-23 | Y-O-Y Q2 Vs Q2 %Change | H1 2023-24 | H1 2022-23 | Y-O-Y H2 Vs H2 %Change |
| Revenue from Operations | 3,826 | 3,355 | 14.0% | 7,274 | 6,723 | 8.2% |
| Segment EBDITA | 567 | 424 | 33.7% | 1,051 | 943 | 11.5% |
| Segment EBDITA (% of net sales) | 14.8% | 12.6% | 14.4% | 14.0% |
Financial Snapshot: Subsidiaries and Joint Venture Interim Result
For Four Subsidiaries
- As of September 30, 2023, unaudited interim financial results show total assets of Rs. 8,772 million.
- Total revenues for the same date are Rs. 1,404 million.
- The total net profit after tax is Rs. 37 million for the quarter ended September 30, 2023.
- Total comprehensive income is Rs. 3 million for the same quarter.
- Net cash inflows amount to Rs. 972 million for the period from April 01, 2023, to September 30, 2023.
- These results have been reviewed by the respective independent auditors.
For One Joint Venture
- Unaudited interim financial results show a net loss of Rs. 0.05 million for the quarter ended September 30, 2023.
- The net loss for the period from April 01, 2023, to September 30, 2023, is Rs. 0.21 million.
- The Group’s share of total comprehensive loss is Rs. 0.05 million for the quarter and Rs. 0.21 million for the same period.
- These results, along with other financial information, have been reviewed by the respective independent auditors.
About Astral Ltd
Astral Limited, previously known as Astral Poly Technik Limited, is an Indian building materials and equipment company headquartered in Ahmedabad. They specialise in the production of chlorinated polyvinyl chloride and polyvinyl chloride pipes. Since 2014, Astral has expanded through acquisitions in India, the UK, and the US:
- In 2014, they acquired Resinova Chemie, an adhesive company based in Kanpur, for ₹2.13 billion (US$27 million).
- In 2018, Astral entered the infrastructure market by acquiring Rex Polyextrusion, a manufacturer of double-wall corrugated pipes located in Sangli, Maharashtra.
- In 2022, the company obtained a 51 percent stake in Gem Paints for ₹1.94 billion (US$24 million) and increased their annual production capacity by 36,000 kiloliters through a capacity expansion project in Karnataka.
- Astral further expanded in October 2022 by acquiring 80% of the UK-based adhesive and sealants manufacturer, Seal It Services Ltd, for ₹440 million (US$5.5 million).
Source –
https://www.bseindia.com/xml-data/corpfiling/AttachLive/765b7abb-9d7f-4035-92de-ce0f84647fa3.pdf
https://www.bseindia.com/xml-data/corpfiling/AttachLive/42836765-c357-4e99-bec3-822a1f003ec0.pdf
https://www.bseindia.com/xml-data/corpfiling/AttachLive/8acdc5aa-13e3-4bb7-9545-9cf21daf868b.pdf
