Astral Poly rises after decent Q2 earnings

Astral Poly Technik rose 2.34% to Rs 1,190.85 after consolidated net profit rose 6.8% to Rs 87.90 crore on 10.1% increase in net sales to Rs 747.10 crore in Q2 September 2020 over Q2 September 2019.

On a consolidated basis, profit before tax (PBT) surged 35.6% to Rs 116.20 crore in Q2 September 2020 as against Rs 85.70 crore in Q2 September 2019. Current tax expense for the quarter soared 732.40% to Rs 28.30 crore as against Rs 3.40 crore paid in Q2 September 2019. The Q2 result was declared after trading hours on Friday, 6 November 2020.

EBITDA jumped 18.31% to Rs 144.10 crore in Q2 September 2020 over Rs 121.80 crore in Q2 September 2019. EBITDA margin expanded to 19.29% in Q2 FY21 as compared to 17.96% in Q2 FY20. Profit margin stood at 11.77% in Q2 FY21 as compared to 12.13% in Q2 FY20.

On a segmental basis, revenues from pipe business grew 4.11% to Rs 567 crore in Q2 September 2020 from Rs 544.60 crore in Q2 September 2019. Revenues from adhesive business spurted 28.65% to Rs 190.40 crore in Q2 FY21 over Rs 148 crore in Q2 FY20.

The company said its expansion work at Orissa (Bhubaneswar) has started getting momentum. The firm is targeting to start production in Q2 next year. Meanwhile, the board has recommended an interim dividend of Re 1 per share. The consolidated net cash position as at 30 September 2020 was at Rs 1,245 crore.

Astral Poly Technik is engaged in the business of manufacturing and trading of pipes, fittings and adhesive solutions. Its product range includes pipe category for plumbing, industrial, drainage, fire protection, agriculture, electrical conduit and ancillary, and adhesive category for construction, maintenance, wood care and automotive.

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