Astral Poly Technik's consolidated net profit jumped 82.5% to Rs 123.90 crore on 35.1% increase in net sales to Rs 897.50 crore in Q3 December 2020 over Q3 December 2019.
Consolidated profit before tax (PBT) soared 89.2% to Rs 165.20 crore in Q3 December 2020 as against Rs 87.30 crore in Q3 December 2019. Tax expense for the quarter surged 112.9% to Rs 41.30 crore as against Rs 19.40 crore in Q3 December 2019. The Q3 result was declared post trading hours yesterday, 3 February 2021.
Consolidated EBITDA grew 64.36% to Rs 196.90 crore in Q3 December 2020 over Rs 119.80 crore in Q3 December 2019. Consolidated EBITDA margin improved to 21.94% in Q3 FY21 as against 18.04% in Q3 FY20. Consolidated profit margin was at 13.81% in Q3 FY21 as compared to 10.22% in Q3 FY20.
Revenue from operations of Pipe business jumped 33.29% to Rs 693.10 crore in Q3 FY21 over Rs 520 crore in Q3 FY20. Revenue from operations of Adhesive business grew 40.86% to Rs 219.60 crore in Q3 FY21 over Rs 155.90 crore in Q3 FY20. Recovery in sales in pipe and adhesives segments has picked up momentum from Q2 FY21 onwards and further accelerated in Q3 FY21. EBDITA growth was much faster than sales growth in Q3 FY21.
Meanwhile, the board has approved issue of bonus shares in the proportion of 1:3 i.e. one bonus equity share of Re 1 each for every three fully paid-up equity shares held as on record date, subject to approval by the shareholders of the company through postal ballot.
In November 2020, Astral Poly Technik entered into framework agreement with Shree Prabhu Petrochemicals and other parties to acquire assets of its water tank business for a total consideration of approx Rs 51 crore. From 12 December 2020, the company started billing of ''Sarita' brand of plastic water storage tanks under the Astral's name from Aurangabad plant. It is planning to start tank production in Ahmedabad from April 2021 under the brand name ''Astral'.
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Astral Poly Technik's Orissa plant construction is going on in full swing and project is as per schedule. The company is planning to start production in Q2 FY 2021-22. A solar project is commissioned in Q3 FY 20-21 of 1 mega-watt (MW) each at Santej and Dholka plant. The firm is planning to start fitting operations at Hosur in Q1 FY 2021-22, so far Hosur plant was manufacturing pipe only.
Consolidated net cash position as at 31 December 2020 at Rs 116.90 crore. The board on 28 January 2021 approved the change of name of the company from 'Astral Poly Technik' to 'Astra', subject to approval of the shareholders of the company.
Shares of Astral Poly Technik fell 0.97% to Rs 1,925.15. Astral Poly Technik is engaged in the business of manufacturing and trading of pipes, fittings and adhesive solutions. Its product range includes pipe category for plumbing, industrial, drainage, fire protection, agriculture, electrical conduit and ancillary, and adhesive category for construction, maintenance, wood care and automotive.
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