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.
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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