ASTRAL LIMITED — Earnings Release 2023

May 15, 2023

15[th] May, 2023

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001. Scrip Code: 532830

National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex, Bandra (East) Mumbai – 400 051. Trading Symbol: ASTRAL

Dear Sir/Madam,

Sub.: Press release

With reference to the captioned subject, we enclose herewith the Press Release with respect to audited Financial Results of the Company for the quarter and year ended 31[st] March, 2023.

Kindly take the same on your record.

Thanking you,

Yours faithfully,

For Astral Limited

Manan Digitally signed by Manan Chandraprakas Chandraprakash Bhavsar Date: 2023.05.15 18:15:55 h Bhavsar +05'30'

Manan Bhavsar Company Secretary

Encl.: As above

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Astral Limited delivers Consolidated top line growth of 17.4% and plumbing volume growth of 18.8% in FY 2022-23

Ahmedabad, Gujarat – May 15, 2023 Astral Limited, pioneer in manufacturing of CPVC pipes & fittings announced the financial results for the Quarter and Year ended March 31, 2023.

Overview of Consolidated Results:

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(Rs. In Million, except as stated otherwise)
Y-O-Y Q-O-Q
Y-O-Y
Q4 Q4 Q4 Vs Q4 Q3 Q3 Vs Q4
Particulars 2022-23 2021-22 %
2022-23 2021-22 % 2022-23 %
Change
Change Change
Revenue from 15,062 13,906 8.3% 12,678 18.8% 51,585 43,940 17.4%
operations
EBDITA 3,140 2,313 35.8% 1,844 70.3% 8,351 7,883 5.9%
EBDITA (% of net 20.8% 16.6% 14.5% 16.2% 17.9%
sales)
PBT 2,662 1,933 37.7% 1,295 105.6% 6,170 6,485 -4.9%
PBT (% of net 17.7% 13.9% 10.2% 12.0% 14.8%
sales)
PAT (Before OCI) 1,990 1,441 38.1% 949 109.7% 4,595 4,904 -6.3%
PAT (% of net 13.2% 10.4% 7.5% 8.9% 11.2%
sales)
Cash Profit 2,435 1,769 37.6% 1,404 73.4% 6,376 6,173 3.3%
Cash Profit (% of 16.2% 12.7% 11.1% 12.4% 14.0%
net sales)
Basic / Diluted 7.66 5.26 45.6% 3.46 121.4% 17.00 18.01 -5.6%
EPS (In Rs.)
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Plumbing Business:

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(Rs. In Million)
Y-O-Y Q-O-Q
Y-O-Y
Q4 Q4 Q4 Vs Q4 Q3 Q3 Vs Q4
Particulars 2022-23 2021-22 %
2022-23 2021-22 % 2022-23 %
Change
Change Change
Revenue from 11,235 10,841 3.6% 9,318 20.6% 37,675 33,658 11.9%
operations
Segment 2,561 1,905 34.4% 1,434 78.6% 6,419 6,330 1.4%
EBIDTA
Segment EBIDTA 22.8% 17.6% 15.4% 17.0% 18.8%
(% of net sales)
Sales in M.T. 54,438 47,211 15.3% 45,859 18.7% 177,628 149,569 18.8%
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** The above segment EBIDTA includes loss incurred for its new business of faucet and sanitary ware of Rs.165 Million for year ended March 31, 2023 and Rs.35 Million for the Q4 FY 23. Hence the adjusted EBIDTA for the pipe business for the Year ended March 31, 2023 and Q4 FY 23 is of Rs.6,584 Million and Rs.2,596 Million respectively, accordingly the adjusted EBDITA % for the year ended March 31, 2023 is 17.5% and Q4 FY 23 is 23.1%.

Paints and Adhesives Business:

							(Rs. In	Million)
Particulars	Q4 2022-23*	Q4 2021-22	Y-O-Y Q4 Vs Q4 % Change	Q3 2022-23*	Q-O-Q Q3 Vs Q4 % Change	2022-23*	2021-22	Y-O-Y % Change
Revenue from operations	3,827	3,065	24.9%	3,360	13.9%	13,910	10,282	35.3%
Segment EBIDTA	579	408	41.9%	410	41.2%	1,932	1,553	24.4%
Segment EBIDTA (% of net sales)	15.1%	13.3%		12.2%		13.9%	15.1%

*** Includes operating business of Gem paints.**

Notes:

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

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

3. The Scheme of Amalgamation of Resinova Chemie Limited (subsidiary of the company) and Astral Bio Chem Private Limited (wholly owned subsidiary of the Company) with the Company, was approved by the Hon’ble National Company Law Tribunal ("NCLT") Ahmedabad Bench vide its Order dated September 5, 2022. The certified copy of the Order along with certified copy of the Scheme was filed by the respective companies, with the Registrar of Companies on September 6, 2022 (“Effective Date”). The effect of this merger was given in the standalone financial results w.e.f. appointed date April 1, 2021, in accordance with Ind AS 103 Business Combinations.

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

5. The Company’s Bhubaneshwar plant is gearing up and fully operational with all Products including CPVC.

6. Looking to the robust demand in southern market, Company is planning to put up a new green field plant at Hyderabad with capacity of 70,000 M.T. with investment of approximately Rs. 100 Cr., which will be completely in phase manner by FY 26.

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1. We have further geared up operations of Sanitaryware & Faucet business and we are happy to inform that we have completed 383 Showrooms/display center supported by our channel partners and 177 more such Showrooms/ display centers at various states of country are under construction.

2. Recently our company has awarded “ Platinum Rated Certificate ” by Indian Green Building Council (IGBC), part of the confederation of Indian Industry (CII) for our Ball Valve Plant located at Dholka.

3. The Company has entered into definitive agreements with Gem Paints Private Limited and its shareholders. As per the agreements, the operating paint business of Gem Paints is proposed to be demerged to a subsidiary of Gem Paints, wherein the Holding Company will acquire 51% controlling stake. Presently, the Order for scheme of arrangement for demerger is reserved by NCLT and awaiting for pronouncement of the same in near future.

4. Consolidated cash (including cash equivalents) and bank balances as at March 31, 2023 is Rs. 6,821 million.

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

FINANCIAL HIGHLIGHTS (CONSOLIDATED) :

Revenue from operations (Rs. in Million)

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51,585
43,940
31,763
25,779
2019-20 2020-21 2021-22 2022-23
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EBDITA (Rs. In Million)
8,351
7,883
6,626
4,534
2019-20 2020-21 2021-22 2022-23
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PBT (Rs. In Million)

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6,485
6,170
5,330
3,061
2019-20 2020-21 2021-22 2022-23
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Sales in M.T.
(Plumbing Business)
177,628
149,569
136,593
132,200
2019-20 2020-21 2021-22 2022-23
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https://www.astralpipes.com/investor-relations Media Contact Details Mr. Hiranand Savlani Chief Financial Officer 079-66212000 hiranand@astralcpvc.com

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