Astral in a regulatory filing on Tuesday announced its decision to enter in the business verticals of Faucets & Sanitaryware as a part of its growth strategy.
The CPVC pipes and fitting manufacturer aims to leverage the brand ASTRAL and its network of more than 33,000 dealers in pipes and more than 130,000 dealers in adhesives & sealant vertical for its new vertical. Astral said the details of the project will be announced in public domain as and when the legal formalities are completed and investment amount is finalized by the management.The company said it has appointed Atul Sanghvi, as president (Faucets & Sanitaryware division) to head the new vertical. Atul Sanghvi is a Management Graduate (MBA) and has an experience of more than 37 years. Out of 37 years of experience, he has spent 32 years in building material industry and his longest associations of 22 years was with Cera Sanitaryware where he joined as GM (Sales & Marketing) and left with a position of executive director & CEO. He also served 11 years with Grasim Industries (Cement Division) as a General Manager (Marketing).
Astral further said that the Faucet & Sanitaryware division has a market potential of approximately Rs 15,000 crore in India. Shares of Astral were trading 2.3% lower at Rs 2,200.70 on BSE.
Astral is engaged in the business of manufacturing and trading of pipes, fittings and adhesive solutions. On a consolidated basis, the company posted a 271% jump in net profit to Rs 73.9 crore on a 73.3% increase in net sales to Rs 700.1 crore in Q1 FY22 over Q1 FY21.
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