BWI: Astral Poly Technik Deliver Sales Growth of 37 % and EPS of Rs.4.78 for Q-1

Press release from Business Wire India
Source: Astral Polytechnik Limited
Monday, August 09, 2010 06:42 PM IST (01:12 PM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Commodities & materials, Construction, Financial Analyst, Heavy industries, Stock exchanges
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Astral Poly Technik Deliver Sales Growth of 37 % and EPS of Rs.4.78 for Q-1


Ahmedabad, Gujarat, India, Monday, August 09, 2010 -- (Business Wire India) -- Astral Poly Technik Ltd. Leaders in manufacturing of CPVC pipes & fitting announced their financial results for the Quarter ended on 30th June, 2010.

Overview of Q1 FY 2010 v/s Q1 FY 2009

-- Company's sales from operations has increased by 37%, to Rs.71.04 Crore for the FY 2010 (Q-1) as against Rs. 51.77 Crore in FY 2009 (Q-1).

-- PBT has increased by 40% to Rs. 6.98 Crore for FY 2010 (Q-1) as against Rs. 4.99 Crore in FY 2009 (Q-1).

-- Cash Profit has increased by 23% to Rs. 7.86 Crore for FY 2010 (Q-1) as against Rs. 6.40 Crore in FY 2009 (Q-1).

-- Profit After Tax (PAT) has increased by 22% to Rs. 5.37 Crore for FY 2010 (Q-1) as against Rs. 4.40 Crore in FY 2009 (Q-1).

-- EBITA has increased by 13% to Rs. 9.09 Crore FY 2010 (Q-1) as against Rs. 8.08 Crore in FY 2009 (Q-1).

-- The Company has delivered an Earning Per Share (EPS) of Rs. 4.78 for the current quarter.

During the current quarter which is slowest quarter company has continued its growth momentum and maintained the growth of 37% in Top Line and similarly PBT has also gone up by 40%. Since this is the slow quarter because of seasonality factor capacity utilization is at low level. However in coming quarters the capacity utilization will improve and company can take advantage of economy of scale.

During the quarter company has utilized its capacity to 4,853 MT against the last year 3,022 MT which shows a growth of 60%, further the capacity utilization during the last full year was 19,411 MT against the capacity of 30,867 MT.

Since company is growing at Appx. 40% CAGR growth since last 6 years and almost same trend is maintained in current quarter hence company is quite confident of maintaining a similar growth in the current year also. The construction demand is increasing day by day and after a good monsoon company is quite confident that the growth momentum will continue in the coming quarters also.

The EBITA margin was under pressure because of higher Raw Material Price and Rupee Depreciation but company is quite confident that it will be in a position to pass on the same to distributors in the coming months. Further the new products of the company are getting established in Indian Market in a phased manner and we are expecting a sizeable sales in coming quarters.

Further during the quarter CRISIL has upgraded the rating of company as under :

Facilities -- Old Rating -- New Rating

Cash Credit Limit -- A- / Stable -- A/ Stable
Long Term Loan -- A- / Stable -- A/ Stable
Letter of Credit -- P2+ -- P1
Bank Guarantee -- P2+ -- P1

Further Company has already commercially launched the underground Chambers and Manholes in the Indian Market.

The installation of Machineries is going on at our joint venture company in Kenya and we expect the same to be completed by Sep-2010.

To view the Quarterly results, please click on the link given below:

Quarterly Financial Results


CONTACT DETAILS
Mr. Hiranand Savlani, Chief Financial Officer, Astral Polytechnik Limited, +91 (79) 30112100, hiranand@astralcpvc.com

KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, COMMODITIES, CONSTRUCTION, Financial Analyst, HEAVY INDUSTRIES, STOCK EXCHANGES, ASTRAL.NS, ASTRAL.BO

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