Despite the benchmark indices being under pressure in the initial hours of May 16, the broader market sentiment shows strong positivity, thanks to good corporate results from the midcap and Smallcap space. Meanwhile, one stock that has impressed investors is Astral Limited, which has reported a strong double digit rise in net profitability and increasing margins.
Plumbing and plastic tubes manufacturer Astral Limited has reported a standalone net profit of Rs 197 crore, a robust jump of nearly 50% YoY from Rs 132 crore in the corresponding quarter of the previous financial year. Interestingly, the total revenue grew 8% YoY to Rs 1506.20 crore from Rs 1390.60 crore for Q4FY23. A rise in profitability was driven by margin improvement and better efficiency.
At the operating level, the EBITDA stood at Rs 309 crore, a sharp rise of 42.50% YoY as against Rs 216.80 crore in March 2022. The EBITDA margin was reported at 20.50% compared to the previous 15.60% of Q4FY22, a strong jump by 490 basis points.
The board of directors has recommended the 225% final dividend for FY23. The dividend of Rs 2.25 per equity share of Re 1 each (face value) for the year ended 2023 has been recommended, subject to the approval of members at the ensuing Annual General Meeting.
With this, the shares of Astral Limited soared 8% on May 16, 2023 (Tuesday) to hit the day’s high of Rs 1739 level on NSE. Technically, the stock exhibits strong bullishness and is trading above all the key moving averages.
Astral Ltd is a leading plastic products manufacturer, which specializes in the working and distribution of high-quality plastic piping and plumbing systems. The company’s product range includes a wide variety of piping systems, including CPVC and uPVC pipes and fittings, as well as ball valves, solvent cement and other plumbing accessories. These products are used in a variety of applications, including residential, commercial and industrial settings. Its focus on innovation, sustainability and environmental responsibility makes it a leader in its industry.
We're Live on WhatsApp! Join our channel for market insights & updates
Enjoy Zero Brokerage on Equity Delivery
Join our 2 Cr+ happy customers