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 |
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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.
