Astral Poly Technik On Strong Footing: ICICI Securities

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ICICI Securities Report

Astral Poly Technik Ltd.’s Q3 FY21 numbers were a beat to our expectations driven by -

1. Impressive double-digit revenue growth in both its businesses - pipe (33.3% YoY) and adhesive (41% YoY);
2. Ebitda margin traction in both the businesses (22.9%/16.4% in pipe/adhesive respectively) led by inventory gains in PVC segment, higher value-added sales, and superior product mix.

January 2021 consolidated revenues too reported 35% YoY growth.

The company maintains its robust growth outlook in its plastic piping business (including recently launched tanks and double wall corrugate pipes) and adhesive segment, going forward, driven by market share gains, new product launches, and distribution expansion.

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