Astral Poly Technik Q1 PAT tumbles 57.5% to Rs 20 cr

On a consolidated basis, Astral Poly Technik's net profit tanked 57.5% to Rs 20.30 crore on 33.4% decline in net sales to Rs 403.90 crore in Q1 June 2020 over Q1 June 2019.

Consolidated profit before tax (PBT) slumped 66.5% to Rs 22.80 crore in Q1 June 2020 as against Rs 68 crore in Q1 June 2019. Current tax expense for the quarter tumbled 87.6% at Rs 2.50 crore as against Rs 20.20 crore paid in Q1 June 2019. The result was declared post market hours yesterday, 4 August 2020.

Consolidated EBITDA dropped 42.62% to Rs 57.20 crore in Q1 FY21 as against Rs 99.70 crore in Q1 FY20. EBITDA margin stood at 14.16% in Q1 FY21 lower than 16.44% in Q1 FY20.

The pipe business segment reported 33.01% decline in revenue from operations to Rs 316.50 crore in Q1 June 2020 over Q1 June 2019.

The adhesive vertical posted 36.92% fall in revenue from operations to Rs 91.20 crore in Q1 June 2020 over Q1 June 2019.

Astral Poly Technik's Indian operations got reopening permission of plants post lockdown due to COVID-19 in a phased manner. Pipe business started regular functioning from first half of May 2020 and adhesives being a non-essential category as per the govt guidelines, got permission very late, and started regular operations from second half of May 2020. Due to this, the company lost sizeable sales in the month of April 2020, however from May 2020 to July 2020 company has moved fast on recovery path and recovered more than 91% of its sales in adhesive and 91% of its sales volume in pipe business.

The Astral Group is now debt free at net level. Its loan outstanding as at 30 June 2020 stood at Rs 167.10 crore and cash in hand worth Rs 173.80 crore, net cash of Rs 6.70 crore. Post June 2020, the group has further repaid its loan to the tune of Rs 28.90 crore.

Shares of Astral Poly Technik rose 0.28% to Rs 949.95 on BSE.

The company 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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