Astral Limited on Friday posted a standalone net profit of ₹65 crore for the quarter that ended September 30, 2022, down 51 per cent from ₹134 crore in the corresponding quarter last year.
Standalone revenues from operations stood at ₹1,042 crore for the quarter, down by 7 per cent from ₹1,116 crore in the same quarter last year.
On a consolidated basis, the company recorded a net profit of ₹75 crore, down 48 per cent from ₹143 crore in the same quarter last year. Consolidated revenues from operations stood at ₹1,172 crore, down 2.4 per cent from ₹1,200 crore in the same quarter last year.
Company’s consolidated EBIDTA fell by 28 per cent to ₹157 crore as against ₹219 crore in the corresponding quarter a year ago.
Margin pressure was seen during the quarter mainly because of a reduction in key polymer (PVC) prices to the tune of ₹30 per kg which resulted in the inventory loss of about ₹45 crore in the second quarter and ₹25 crore in the first quarter.
“However, due to a better value-added products mix and higher CPVC contribution, we were still in double-digit EBDITA margins in the plumbing segment,” the company said.
Other pressure
Adhesive margins were also under pressure due to higher prices of key raw materials during the second quarter but now pressure on raw materials has started coming down which will help in partial improvement in margin in the third quarter and will give full benefit in the fourth quarter.
“Due to volatility in foreign currency, during the half year ended September 30, 2022, we have incurred a loss of ₹24 crore on account of foreign exchange fluctuation, out of which ₹15 crore is unrealised, we may get a reversal of such unrealised loss, if rupee will appreciate,” the company said.
Astral Limited shares ended flat at ₹2,062.95 on BSE Friday.
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Published on November 13, 2022
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