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Astral Ltd: Strong Q2FY22 performance

News: Revenue grew ~54% to ~Rs.1154 crore supported by a favourable base and a strong growth in the both piping and adhesive segment. Astral’s pipe segment reported revenue growth of 62% YoY to Rs.890 crore led by higher realisations. Piping segment volume was higher by 20% YoY. On the adhesive front, the company recorded strong growth of ~34% YoY to ~Rs.264 crore supported by dealer addition. Sharp decline in gross margin (by 510 bps YoY) was arrested by saving in other costs, resulting in a mere 90 bps YoY fall in EBITDA margin to 18.3%. PAT increased 63% YoY to Rs.143 crore

Views: Astral reported a healthy performance during Q2FY22 beating our estimates on revenues and PAT fronts. We believe pick-up in construction activities and real estate demand in several states would further aid in sales growth for both piping and adhesive segments, going forward. The detailed report will be released post conference call.