Astral Limited delivers plumbing volume growth of 23.6% and Consolidated PAT growth of 18.7% in FY 2023-24

Ahmedabad, Gujarat – May 17, 2024 Astral Limited, pioneer in manufacturing of CPVC pipes & fittings announced the financial results for the Quarter and Year ended March 31, 2024.

Overview of Consolidated Results: (Rs. In Million, except as stated otherwise)

Notes:

1.      The group has defined its businesses in two verticals (segments) namely:

a)      Plumbing (Pipes, fittings, water tanks, bathware).

b)      Paints and Adhesives (Erstwhile Resinova + Seal It + Astral Coatings Private Limited (Gem)).

2.      NCLT, through its Order dated July 17, 2023, approved the Scheme of arrangement wherein the  Operating Paints Business of Gem Paints Private Limited i.e. demerged Company has been  transferred to its subsidiary, namely, Esha Paints Private Limited i.e. Resultant Company (later,  renamed as Gem Paints Private Limited and now known as Astral Coatings Private Limited) with  the appointed date April 1, 2022, which was filed with Registrar of Companies on August 1,  2023 i.e. effective date.  

Further to the control over the Board of Resultant Company since April 1, 2022, during the year  ended March 31, 2024, the Company completed the acquisition of 80% equity shares of  Resultant Company (51% against redemption of Optionally Convertible Debentures subscribed  on April 1, 2022, towards First Tranche Acquisition and 29% equity shares of Resultant Company  towards Second Tranche Acquisition).

3.      Consolidated cash (including cash equivalents) and bank balances as at March 31, 2024 is  Rs. 6,095 million.

4.      During the quarter, PVC/CPVC Raw Material price were stable hence margins were better  compared to Q3.

5.      During the quarter ended March 31, 2024 Bathware registered a sale of Rs. 242 million. The  company has already crossed 1000 show rooms/dealers hence company is expecting very good  growth in Bathware Division in FY 25.

6.      Company’s Hyderabad plant will be operational by end of June 2024. Company is expecting a  very good growth from that region post commencement of plant.

7.      Looking to the excellent growth in Infra Vertical in FY 24, company has increased its capacity by  4,054 M.T. If the growth momentum continues, we are planning to further increase the capacity  in near term.

8.      As mention above the infra-Vertical is growing very fast, hence company is planning to enter in  new product i.e., O-PVC and company is happy to share that we have already placed order of  O-PVC machineries and expecting delivery by October 2024.

9.      We are happy to share that during the year 2023-24 company has been awarded with

·         India’s Most Trusted Pipe Brand By TRA 2023

·         India’s Most Desired Pipe Brand By TRA 2023

·         Consumer Validated Super brands 2023 for Astral Pipes

·         Consumer Validated Super brands 2023 for Astral BondTite

·         Great Place to Work Certified 2023-24

·         Most Preferred Work Place in Manufacturing – 2023-24 – by Team Marksmen

·         GREEN PRO Certification for Astral CPVC Pro – By CII

·         GREEN PRO Certification for Astral Drain Pro – By CII

·         IS 16534 Certification of Astral Fire Pro - BIS

·         DIBT & SKZ Certifications for Astral Silencio – By German Institute of Construction

Technology (DIBt)

10.  The figures for the previous periods have been regrouped / reclassified wherever necessary to  confirm with the current period’s classification.