Astral Q1 FY23 Results Key Highlights
- Q1 Consolidated Revenue up 73% and Net Profit up 20%
- EBITDA Margins 14% vs 18% YoY
- Polymer prices are coming down rapidly, resulting lower inventory by dealer and distributors (expectation of lower demand in Q2)
- Margins will remain under pressure due to inventory loss
- Expansion work in east is almost done
- Purchased ready to use Faucets Manufacturing plant in Jamnagar, some demand of faucets will be outsourced
- UK operation is good growth, working on capex allocation
- Business defined here onwards in two division – Plumbing (which will include Pipes, fittings, water tanks, faucets and sanitaryware) and Paints and Adhesives (Gems Paint + Resinova+ Seal IT)
- Plumbing shown 73% revenue growth and 48% Volume growth
- Paint and Adhesive shown 73% revenue growth
- Cash as on 30th June 2022 is Rs.542 Cr
- Astral Q1 growth in last 4 years
- Some one off items in Q1 – Forex loss of Rs.11.7 Cr, Write off of amortization of paint business of Rs.7 Cr, New Product Launch and Employee cost in Sanitaryware and Faucets (As sales will start coming from Q2) of Rs.5 Cr and Inventory Loss of Rs.25 Cr. Total Rs.48 Cr adjusted to this quarter but its one time
- Capex for FY23 is Rs.200 Cr
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