ASTRAL LIMITED — Earnings Release 2024

Oct 18, 2023

18[th] October, 2023

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex, Bandra (East) Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 532830 Trading Symbol: ASTRAL

Dear Sir/Madam,

Sub.: Press release

With reference to the captioned subject, we enclose herewith the Press Release with respect to Unaudited Financial Results of the Company for the quarter and half year ended 30[th] September, 2023.

Kindly take the same on your record.

Thanking you,

Yours faithfully,

For Astral Limited

Manan Digitally signed by Manan Chandraprakash Chandrapraka Bhavsar Date: 2023.10.18 sh Bhavsar 16:14:37 +05'30' Manan Bhavsar Company Secretary

Encl.: As above

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Astral Limited delivers Consolidated EBIDTA growth of 50.7%, PAT growth of 82.9% and plumbing volume growth of 27.8% for Q2 FY 2023-24

Ahmedabad, Gujarat – October 18, 2023 Astral Limited, pioneer in manufacturing of CPVC pipes & fittings announced the financial results for the Quarter and Half Year ended September 30, 2023.

Overview of Consolidated Results:

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(Rs. In Million, except as stated otherwise)
Y-O-Y Y-O-Y
Q2 Vs H2 Vs
Particulars Q2 2023-24 Q2 2022-23 Q2 H1 2023-24 H1 2022-23 H2
% %
Change Change
Revenue from operations 13,630 11,716 16.3% 26,461 23,845 11.0%
EBDITA 2,335 1,549 50.7% 4,472 3,367 32.8%
EBDITA (% of net sales) 17.1% 13.2% 16.9% 14.1%
PBT 1,768 961 84.0% 3,384 2,213 52.9%
PBT (% of net sales) 13.0% 8.2% 12.8% 9.3%
PAT (Before OCI) 1,317 720 82.9% 2,510 1,656 51.6%
PAT (% of net sales) 9.7% 6.1% 9.5% 6.9%
Cash Profit 1,804 1,168 54.5% 3,460 2,537 36.4%
Cash Profit (% of net sales) 13.2% 10.0% 13.1% 10.6%
Basic / Diluted EPS (In Rs.) 4.88 2.57 89.9% 9.34 5.88 58.8%
Plumbing Business:
(Rs. In Million)
Y-O-Y Y-O-Y
Q2 Vs H2 Vs
Particulars Q2 2023-24 Q2 2022-23 Q2 H1 2023-24 H1 2022-23 H2
% %
Change Change
Revenue from operations 9,804 8,361 17.3% 19,187 17,122 12.1%
Segment EBIDTA 1,768 1,125 57.2% 3,421 2,424 41.1%
Segment EBIDTA (% of net 18.0% 13.5% 17.8% 14.2%
sales)
Sales in M.T. 52,079 40,753 27.8% 1,00,029 77,331 29.4%
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*The above Segment EBIDTA includes loss of Rs.41 Million and Rs. 75 Million for the quarter and half year ended September 30, 2023 respectively for its new Faucet and Sanitaryware business.

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Paints and Adhesives Business:

					(Rs. In Million)	(Rs. In Million)
Particulars	Q2 2023-24	Q2 2022-23	Y-O-Y Q2 Vs Q2 % **Change **	H1 2023-24	H1 2022-23	Y-O-Y H2 Vs H2 % **Change **
Revenue from operations	3,826	3,355	14.0%	7,274	6,723	8.2%
Segment EBIDTA	567	424	33.7%	1,051	943	11.5%
Segment EBIDTA (% of net sales)	14.8%	12.6%		14.4%	14.0%

Notes:

1. The group has defined its businesses in two verticals (segments) namely: a) Plumbing (Pipes, fittings, water tanks, Faucet and Sanitaryware).

2. b) Paints and Adhesives (Erstwhile Resinova + Seal It + Operating business of Gem paints).

3. The company has successfully implemented SAP at Gem Paints Private Limited w.e.f. April 1, 2023.

4. Recently the company has started commercial production at Guwahati plant (East).

5. Recently, Astral’s "Fire Pro”, India’s 1st automatic fire sprinkler system has got "ISI certification" for its CPVC fittings. Now “Fire Pro” has got ISI certification for both pipes and Fittings. Astral is first Indian company to have this certification.

6. During the quarter, Astral has got NSF certification for its Water Tank products. Astral has become 1st NSF certified brand for Water tank products in India.

7. NCLT vide its Order dated July 17, 2023, sanctioned the Scheme whereby the Operating Paints Business of Gem Paints Private Limited (or the demerged Company) has been transferred to its newly incorporated subsidiary, namely, Esha Paints Private Limited, (Resultant Company) with the appointed date April 1, 2022, which was filed with Registrar of Companies on August 1, 2023. In accordance with the scheme of Arrangement, the name of Esha Paints Private Limited has also been changed to Gem Paints Private Limited and fresh certificate of incorporation was issued by the Registrar of Companies on August 17, 2023.

Upon the Scheme becoming effective, the Company had withdrawn the nomination of the majority of Directors on the Board of Demerged Company, whereby the demerged Company (including its subsidiaries and associates, representing the non-operating business) had ceased to be a subsidiary of the Company.

The Company continues to have 51% controlling interest in Resultant company, which now owns the operating paints business, through control over its Board in terms of Ind AS 110, Consolidated Financial Statements. Balance 49% controlling interest will be acquired by the Company over a period of 5 years in tranches, as per the definitive agreements.

1. Consolidated cash (including cash equivalents) and bank balances as at September 30, 2023 is Rs. 5,332 million.

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1. The figures for the previous periods have been regrouped / reclassified wherever necessary to confirm with the current period’s classification.

2. The Board of Directors have approved a payment of interim dividend of Rs. 1.50 per share. (Face value of Re.1/- each).

FINANCIAL HIGHLIGHTS (CONSOLIDATED) :

Revenue from operations (Rs. in Million)

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26,461
23,845
19,007
11,510
H1 FY 21 H1 FY 22 H1 FY 23 H1 FY 24
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EBDITA (Rs. In Million)
4,472
3,532
3,367
2,047
H1 FY 21 H1 FY 22 H1 FY 23 H1 FY 24
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PBT (Rs. In Million)
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3,384
2,855
2,213
1,390
H1 FY 21 H1 FY 22 H1 FY 23 H1 FY 24
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GROSS PROFIT (In %)
38.11%
36.94%
34.28%
30.69%
H1 FY 21 H1 FY 22 H1 FY 23 H1 FY 24
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Sales in M.T. (Plumbing Business)

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100,029
77,331
67,098
57,157
H1 FY 21 H1 FY 22 H1 FY 23 H1 FY 24
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https://astralltd.com/investors/

Media Contact Details Mr. Hiranand Savlani Executive Director & CFO 079-66212000 hiranand@astralcpvc.com

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