Astral Q2 FY23 Results Key Highlights
- Q2 Consolidated Revenue -2% and Net Profit down 50% YoY
- EBITDA Margins 12% vs 18% YoY
- Heavy Inventory Loss (Around Rs.70 Cr in H1) due to PVC price fluctuation, which may continue in Q3. Some inventory loss may come in Q3 too
- 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). Business Performance H1
- Marginal degrowth of 4% in volume due to higher base and destocking by dealers
- In H2, there will be high double-digit growth in volume
- 6 days business lost due to approvals for Resinova merger
- Started manufacturing of CPVC, SWR and Agri Pipes along with Water Tank at Odisha Plant (East)
- Sanitaryware & Faucets – 34 Showrooms are ready and plan for 500 showrooms before year end. Set up cost will be borne by channel partner
- Sales number from Sanitaryware and Faucets will start coming from next year
- Long term sustainable margins are 15%
- Cash as on 30th Sep 2022 is Rs. 459 Cr
- Capex for FY23 is Rs. 250Cr
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