You are here » Home » Companies » Company Overview » Astral Poly Technik Ltd

Astral Poly Technik Ltd.

BSE: 532830 Sector: Industrials
NSE: ASTRAL ISIN Code: INE006I01046
BSE 16:01 | 22 Nov 1087.05 23.45
(2.20%)
OPEN

1064.90

HIGH

1087.05

LOW

1046.00

NSE 15:54 | 22 Nov 1084.65 21.60
(2.03%)
OPEN

1065.10

HIGH

1088.80

LOW

1043.05

OPEN 1064.90
PREVIOUS CLOSE 1063.60
VOLUME 1570
52-Week high 1265.20
52-Week low 816.00
P/E 85.53
Mkt Cap.(Rs cr) 16,382
Buy Price 1083.10
Buy Qty 1.00
Sell Price 1087.05
Sell Qty 3.00
OPEN 1064.90
CLOSE 1063.60
VOLUME 1570
52-Week high 1265.20
52-Week low 816.00
P/E 85.53
Mkt Cap.(Rs cr) 16,382
Buy Price 1083.10
Buy Qty 1.00
Sell Price 1087.05
Sell Qty 3.00

Astral Poly Technik Ltd. (ASTRAL) - Company History

Astral Poly Technik Ltd was established in 1996 with the aim to manufacture pro-India plumbing and drainage systems in the country. Astral Poly Technik is equipped with production facilities at Santej & Dholka (Gujarat) and Hosur (Tamil Nadu) to manufacture Plumbing systems Drainage systems Agriculture Industrial and Electrical Conduit Pipes with all kinds of necessary fittings. The company has 750+ distributors and 28000+ dealers across the country.Astral Poly Technik Ltd was incorporated on March 25 1996 as Astral Poly Technik Private Limited under the Companies Act 1956. The name of the Company was subsequently changed to Astral Poly Technik Limited vide fresh Certificate of Incorporation dated September 29 2006 .The company is a manufacturer and provider of CPVC piping and plumbing systems in India since 1999. The company is the first licensee of Noveon USA (formerly known as Specialty Chemical Divison of B.F Goodrich USA) to manufacture and market CPVC piping and plumbing system in India. In order to strengthen the business plans the company entered into a techno-financial joint venture with Specialty Process LLC of USA which provided the company the required technical expertise for manufacturing CPVC pipes and fittings for home and industrial application. Over the years the company has expanded and enhanced product lines to provide continually improved services to the customers. As a manufacturer of CPVC pipes and fittings for hot and cold water industrial and pressure systems application the company had introduced a new product range in lead free PVC pressure pipes and fittings in the year 2004. With a concept of providing a one-stop source for all the plastic piping systems the company also began trading in products such as CPVC and PVC fittings flanges and valves from Spears (USA) solvent cements (adhesive solutions) for joining pipes and fittings from IPSC (USA) underground specialty fittings from Hunter (U.K) and CPVC and PVC plastic pipes of a larger diameter from Harvell Inc. (USA)The Company has received an ISO 9001:2000 certificate in respect of manufacture and supply of CPVC and PVC pipes and fittings for plumbing systems and industrial piping system. The raw material used by the company for manufacturing CPVC products is certified by National Sanitary Foundation (NSF).The equity shares of Astral Poly Technik got listed on the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE) with effect from 20 March 2007.During the financial year ended 31 March 2008 Astral Poly Technik increased its production capacity under Phase-II of expansion from 9074 MT to 11800 MT. During the year under review the company recorded very high growth in both segments of business i.e. CPVC Pipes and Fittings as well as Lead Free PVC Pipes and Fittings.During the financial year ended 31 March 2014 Astral Poly Technik increased its installed capacity by 26% from 77212 M.T. to 97164 M.T. by creating an additional capacity at its Hosur manufacturing unit involving a Capex outflow of Rs. 21.59 crore. The company utilized its capacity to the tune of 60400 M.T. as against the last year's figure of 49495 M.T. which shows a growth of 22%. During the year under review the company commenced commercial production and sales at its new manufacturing facility at Hosur Tamilnadu. During the year under review the company launched Agri Pipe Products in domestic market.During the year under review The Bureau of Indian Standards (BIS) granted BIS Certification Marks Licence No. CM/L-2865777 as per IS 16088:2012 to Astral Poly Technik's new product Blaze Master for fire sprinkler system. Astral Poly Technik is the first licensee company in India to be allotted the licence for its product BlazeMaster for the fire sprinkler system using CPVC polymer.During the year under review Astral Technologies Limited a Joint Venture Company in Kenya has changed its name to Astral Pipes Limited vide Certificate of change of name dated 19 August 2013 issued by the Registrar of Companies Nairobi Kenya. Further during the year under review Astral Pipes Limited increased its capacity from 3000 M.T. to 6000 M.T.During the year under review Astral Poly Technik incurred a Capital Expenditure to the tune of Rs. 24.28 Crore towards the purchase of Land situated at Hosur and Dholka and balance Rs. 69.42 Crore towards the Plant & Machinery Factory Building and Other Capital Expenditure.During the year under review the company subdivided its Equity Shares bearing the face value of Rs. 5/- each into fully paid up Equity Shares bearing the face value of Rs. 2/- each fully paid.During the financial year ended 31 March 2015 Astral Poly Technik increased its installed capacity by 5% from 97164 M.T. to 102371 M.T. The company utilized its capacity to the tune of 69925 M.T as against the last year's figure of 60400 M.T. which shows a growth of 16%.During the year under review the company incurred a Capital Expenditure to the tune of Rs.354.17 Lacs towards the purchase of Land and balance Rs.3861.46 Lacs towards the Plant & Machinery Factory Building and Other Capital Expenditure.In August 2014 Astral Poly Technik acquired 80% equity stake in Seal IT Services Limited UK (Seal IT) at a consideration of Rs.4505.02 Lacs. Seal IT is in the business of manufacturing of comprehensive range of sealants adhesives building chemicals and allied products under the brand name Bond-it. Manufacturing facility of Seal IT is situated at Elland UK. Operating from a modern 40000 sq. feet site Seal IT has R & D facilities at plant and strictly adheres to ISO 9001 protocol. The main customers are Builders Merchants DIY Sealant Applicators Roofing Contractors Roofing Distributors Industrial Bitumen Manufacturers / Flooring Contractors Flooring Distributors Carpet Shops Architects/Council Export/Wholesalers and Cash & Carry. Seal IT has been awarded ISO 14001 for environment policy compliance. Presently Seal IT is exporting its products throughout Europe Africa and Middle East.In November 2014 Astral Poly Technik acquired 76% equity stake in Resinova Chemie Limited (Resinova) at a consideration of Rs.21464.62 Lacs. Resinova is in the business of manufacturing and marketing of a highly diversified range of adhesives and sealants and allied products under the different brand name viz. Bondtite Resibond Bondset Solvobond Vetra Brush bond and Zesta etc. Manufacturing facility of Resinova is situated near Kanpur Uttar Pradesh. Resinova's supply chain network consists of 11 branch offices and more than 1700 channel partners reaching out to around 400000 retail outlets across India. Resinova is amongst the leading players in epoxy adhesives sector in India.Both the above acquisitions will synergize with Astral Poly Technik's existing businesses by deepening and widening its product offering and shall further consolidate its adhesives and sealants business which is already carried out by the company's subsidiary viz. Advanced Adhesives Limited.Astral Poly Technik successfully completed a Qualified Institutional Placement (QIP) of its Equity shares in December 2014. The issue price was fixed at Rs.402.52 (including a premium of Rs.401.52) per Equity share. 5984519 equity shares were allotted to the investors and an amount of Rs.24088.89 Lacs was raised through the QIP.During the year under review the company sub-divided its equity shares bearing the face value of Rs.2/- each into fully paid up equity shares bearing the face value of Rs.1/- each fully paid.During the financial year ended 31 March 2016 Astral Poly Technik increased its installed capacity by 25% from 102371 MT to 127762 MT. The company utilised its capacity to the tune of 77909 MT as against last year's figure of 69925 MT which shows a utilisation growth of 11%.During the year under review the company incurred capital expenditure to the tune of Rs 959 Lacs towards the purchase of land and Rs 10308 Lacs towards plant & machineries factory building and other capital expenditure.During the year under review Astral Poly Technik acquired the entire remaining equity stake of 24% in Resinova Chemie Limited (Resinova) at a consideration of Rs 7300 Lacs from Mr. Vijay Parikh making Resinova a wholly owned subsidiary of the company. Subsequent to the above the Board of Directors of Resinova and Astral Poly Technik's another subsidiary viz. Advanced Adhesives Limited (Advanced Adhesives) approved amalgamation of Resinova with Advanced Adhesives. The said Scheme of Amalgamation became effective on 11 February 2016. This amalgamation has resulted in consolidation of the business operations of the two subsidiary companies enhancing the scale of operations reduction in overhead and administrative expenditures and has provided significant impetus to the growth since both the companies are engaged in the similar areas of business. Post amalgamation Astral Poly Technik's holding in Resinova Chemie Limited (Formerly known as Advanced Adhesives Limited) increased from 85% to 97.45%.Astral Poly Technik's UK based subsidiary Seal IT Services Limited incorporated a wholly owned subsidiary in the United States of America (USA) viz. Seal IT Services Inc. The said newly incorporated company acquired Silicone Tape business of Rowe Industries Inc. US at a consideration of US$ 3.25 million in May 2016.During the financial year ended 31 March 2017 Astral Poly Technik increased its installed capacity by 8% from 127762 MT to 137708 MT. The company utilised its capacity to the tune of 87694 MT as against last year's figure of 77909 MT which shows a utilisation growth of 13%.During the year under review Astral Poly Technik did backward integration and started its own CPVC compounding facility. In August 2016 the company launched its own brand viz. ASTRAL CPVC PRO for plumbing application and subsequently launched ASTRAL FIRE PRO for fire application and ASTRAL CHEM PRO for industrial application. During the year under review Astral Poly Technik developed low noise drainage system which is a state of the art product and this has been well accepted in the market.During the year under review the company's piping business registered a healthy revenue growth of 12 % and volume growth of 15% whereas industry level growth was low because of slowdown in the real estate business. The company achieved double digit growth during the last 5 months of the year despite the impact of demonetization which adversely impacted the purchasing power of the consumers considering around 86% of the currency in circulation was withdrawn by the government. During the year under review the company achieved highest ever EBDITA of Rs 215 crore with a margin improvement of close to 2% compared to last year.For the company's Adhesives Business FY 16-17 was challenging year for UK operations - Seal IT Services because of Brexit vote in June 2016. Seal IT Services Inc. USA is in the business of Silicone tape manufacturing. USA operations have commenced production from the new site in North Carolina from the last quarter of FY 16-17.During the year under review Astral Poly Technik incurred capital expenditure to the tune of Rs 2526 Lacs towards the purchase of land and Rs 6944 Lacs towards plant & machineries factory building and other capital expenditure.Astral Poly Technik's UK based step down subsidiary Calder Distribution Limited was wound up during the year under review.During the financial year ended 31 March 2018 Astral Poly Technik increased its installed capacity by 10% from 137708 MT to 152101 MT. The company utilised its capacity to the tune of 105753 MT as against last year's figure of 87694 MT which shows a utilization growth of 21%. During the year under review the company's Piping Business achieved volume growth of 16% which was the highest in the last 3 years. The backward integration of CPVC polymer helped the company to grow the volume and improve the Gross Margin. During the year under review the company's focus was on increasing the dealer network.During the year under review the company incurred capital expenditure to the tune of Rs 408 Lacs towards the purchase of land and Rs 8286 Lacs towards plant & machineries factory building and other capital expenditure.During the year under review Astral Poly Technik increased its shareholding in its associate company viz. Astral Pipes Ltd. (Kenya) from 37.5% to 50%.The company completed construction of factory at Ghiloth (Rajasthan) and started trial production in May 2018. Installed capacity of the plant is proposed to be about 22700 M.T.