Astral Poly Technik Ltd's Q3FY19 consolidated net profit rises 13.9% yoy to Rs53cr : In-line with Estimates

The company’s consolidated revenue stood at Rs634cr, up 23.7% yoy and 0.7% qoq.

Feb 11, 2019 07:02 IST India Infoline Research Team

Astral Poly Technik Ltd Q3FY19

Consolidated Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 633.70 23.7
EBITDA 93.67 27.1
EBITDA Margin (%) 14.8 40
Net Profit (adjusted) 52.71 13.9
***EBITDA margin change is bps
Astral Poly Technik reported broadly in-line set of numbers for Q3FY19. The revenue for the quarter grew by 23.7% yoy to Rs634cr, against median consensus estimate of Rs641cr. EBITDA grew by 27.1% yoy to Rs94cr, below median consensus estimate of Rs98cr. EBITDA margin expanded by 40bps yoy to 14.8%. PAT grew by 13.9% yoy to Rs53cr, in-line with median consensus estimate of Rs53cr.
  • Revenue growth was aided by strong performance across piping and adhesives and also due to consolidation of Rex Poly Extrusion.
  • The plastics segment grew by 26.9% yoy and adhesives segment grew by 14.9% yoy. On sequential basis, plastics segment grew by 2.8% qoq and adhesives segment declined by 5% qoq. Resinova grew by 7.2% yoy and Seal It grew by 36.2% yoy during the quarter.
  • Rex Poly EBITDA margins improved from 2% in Q2FY19 to 5% in the current quarter. Adhesives EBITDA margins have come in at ~11% vs. ~15% in Q3FY18 potentially on account of campaigns run for Resinova (Resinova Margins were 11.3% vs. 19.3% in Q3FY18 and Seal It margins were 9.6% vs. 3.2% in Q3FY18).
  • Volume growth of 4.2% yoy in piping implies pricing led growth during the quarter. The company had mentioned that price hike to a degree of 3-4% was taken in Sep-18.
  • Depreciation cost was higher by 42.8% yoy, other income was nearly halved to Rs3cr and forex loss increased from Rs3cr in Q3FY18 to Rs7cr in Q3FY19 impacting overall profitability.

Technical View:

Astral Poly Technik Ltd is currently trading at Rs. 1,147, up by 41 points or 3.71% from its previous closing of Rs. 1,106 on the BSE.
The scrip opened at Rs. 1,105.95 and has touched a high and low of Rs. 1,169 and Rs. 1,101.75 respectively. So far 1,74,825 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.

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