Astral gains as adhesives unit begins production at Dahej

In the July-September quarter the company’s net profit nearly doubled to Rs 131.2 crore and total revenue stood at Rs 1,363 crore, up 16.3 percent YoY.

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Astral share price rose nearly 2 percent in the early trade on October 27 after the company started commercial production at its adhesives division of its plant in Gujarat’s Dahej.

In the July-September quarter, the company’s net profit nearly doubled to Rs 131.2 crore and revenue stood at Rs 1,363 crore, up 16.3 percent YoY.

At the operating level, its earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased 53 percent YoY to Rs 220 crore.

The company also declared an interim dividend of Rs 1.50 a share for FY23. The record date for determining the shareholders entitled to the dividend payment is October 27.

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Broking house Sharekhan in its October 19 report upgraded Astral to “buy” with an unchanged price target of Rs 2,170.

Astral, like its industry peers, is expected to benefit from strong demand and bottoming out of PVC prices leading to an expected improvement in OPM. Aggressive expansion plans would aid to capture in the strong demand growth in the next few years. Scale-up of new businesses viz. plastic tanks, valves, paints, faucets and sanitaryware, would remain key focus areas for the company, broking house said

On October 20, the company completed the acquisition of 80 percent shares of Gem Paints Private Limited. The remaining 20stake will be acquired by Astral over a period of five years, as per the share purchase agreement entered between the parties.

At 9.22 am, Astral was quoting at Rs 1,815.10, up Rs 32.55, or 1.83 percent, on the BSE.

The share touched a 52-week high of Rs 2,057.95 on August 4, 2023 and a 52-week low of Rs 1,297.90 on March 28, 2023.

The stock is trading 11.8 percent below its 52-week high and 39.85 percent above its 52-week low.