Astral Limited — Q3 FY24
Astral delivered a robust Q3 FY24 with 15% volume growth in plumbing (24% in 9M) despite PVC/CPVC price declines of 7%/5% and ~INR 35cr one-offs (25th-anniversary event, Bathwar...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
82%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Deflected
Medium priority
What is the fair per kg EBITDA for plumbing?
Asked by Sanjeev Bhargava, PSK
Management declined to provide per kg EBITDA and redirected to percentage EBITDA guidance.
refused per kg metricredirected to percentage EBITDA
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Question
For plumbing, just wanted to understand what should be a fair OE pattern we should be taking for the plumbing business going ahead, 'cause that's been a little volatile, even after accounting of inventory loss and gain.
Hiranand Savlani, CFO and Executive Director
We are always guiding the EBITDA percentage. Because so many polymer we are dealing today, it is very, very difficult to maintain the per kg EBITDA. So we always request every analyst that please take the number with a percentage EBITDA rather than on a per kg basis.
Answered
High priority
What is the percentage EBITDA guidance for plumbing?
Asked by Sanjeev Bhargava, PSK
Management provided specific EBITDA margin guidance range and full-year expectation.
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Question
Okay, and what would that number be, guidance going ahead, adjusted after forward PA, for percentage?
Hiranand Savlani, CFO and Executive Director
So we have guided 16%-17% plumbing EBITDA. Right now, we are working on a higher side, and we will be closing the full year on higher than 17%, because Q4 is always robust in our industry.
Answered
High priority
What is the CapEx number for FY2025?
Asked by Sanjeev Bhargava, PSK
Management gave a clear CapEx range for the next fiscal year.
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Question
And sir, lastly, what would be your CapEx number for 2025 then, 2024, 2025?
Hiranand Savlani, CFO and Executive Director
2024, 2025, we will be somewhere around INR 250 crore-INR 300 crore.
Answered
High priority
What is the volume growth outlook for pipes and adhesives?
Asked by Rahul Agarwal, InCred Equities
Management provided volume growth guidance for pipes and adhesives.
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Question
Just on the growth rates, on volumes and revenue for either segment, for pipes and adhesives, some outlook will help for fourth quarter and FY 25, 26.
Hiranand Savlani, CFO and Executive Director
So I think this year we have already given the guidance of 20% plus volume, and nine months, already we are on 24%, so higher probability that we can cross 20% also. ... 15% plus volume should not be a challenge.
Answered
Medium priority
What is the UK business margin for Q3?
Asked by Rahul Agarwal, InCred Equities
Management confirmed the margin and provided revenue and loss figures.
Read the exchange
Question
On the U.K. business for adhesives, could you just help me with the 3Q margin? You said -2.5%. Is that correct?
Hiranand Savlani, CFO and Executive Director
Yes, yes. So this quarter, INR 81 crore was the top line. Again, that is INR 2.4 crore was the loss, so roughly about 3% negative.
Partial answer
Medium priority
What is the final CapEx for Dahej plant?
Asked by Rahul Agarwal, InCred Equities
Management gave incurred cost but not the final expected CapEx.
no final CapEx givenonly incurred cost mentioned
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Question
You know, what is the final CapEx for the plant? Because my sense was about INR 1,000 crore of top line we expect from whatever machines we have put as of now. Could you help me with the final CapEx number, and does that include the land cost as well?
Hiranand Savlani, CFO and Executive Director
I think we have already incurred INR 200 crore plus, 200 something on this plant.
Answered
Medium priority
Are raw material prices bottoming out and is restocking happening?
Asked by Neha Talreja, Nomura
Management directly answered the timing of bottoming and stabilization.
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Question
I think in your opening remarks, you mentioned that, you know, prices, raw material prices are expected to bottom out in Q1. Does that mean currently your restocking is on and is expected to continue for Q4?
Hiranand Savlani, CFO and Executive Director
Oh, no, it will bottom out probably in this quarter, and Q1 it will stabilize or start moving up.
Partial answer
High priority
Why is volume growth guidance conservative vs peers?
Asked by Praveen Sahay, Prabhudas Lilladher
Management explained conservatism but did not quantify potential upside.
no specific reason for conservatismcited uncertainty
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Question
Your peers are also giving a guidance of a 30-35% of the growth for the fourth quarter, but you are giving on the lower side. Why is it so?
Hiranand Savlani, CFO and Executive Director
We have not given for the lower side. ... we can also deliver higher than 20% at the end of Q4, but we don't want to get over-optimistic because we don't know...
Answered
Medium priority
What were revenues and EBITDA for bathware this quarter?
Asked by Venkatesh Balasubramaniam, Axis Capital
Management provided exact revenue and loss figures for bathware.
Read the exchange
Question
Is it possible to share what was the revenues and EBITDA in the bathware segment in this quarter?
Hiranand Savlani, CFO and Executive Director
This quarter revenue was INR 20 crore and loss was INR 4 crore.
Evasive
Low priority
What was the inventory loss in adhesives business?
Asked by Nikhil Agrawal, VT Capital
Management did not provide the requested quantification of inventory loss.
no quantification givenblamed lack of data
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Question
Sir, you had said that we saw sizable inventory losses in Q3. So could you please quantify that on the adhesives business?
Hiranand Savlani, CFO and Executive Director
Well, I don't have it ready, but that, that is the reason our EBITDA was negative by 3% from the U.K. operation.
Answered
Medium priority
What is the 9-month revenue and EBITDA margin for UK business?
Asked by Akash Shah, UTI Mutual Fund
Management provided exact revenue and EBITDA margin for UK business.
Read the exchange
Question
What is the 9 revenue from UK business? ... Nine months EBITDA number? I mean, margin.
Hiranand Savlani, CFO and Executive Director
9-month revenue from UK business is INR 270 crore. ... 5.5, 5.5.
Answered
High priority
What is the capacity expansion plan for Hyderabad and Kanpur?
Asked by Rahul Agarwal, InCred Equities
Management confirmed CapEx range and capacity phasing.
Read the exchange
Question
I just wanted to revise the capacity expansion plan. The Hyderabad plant is basically going to see a CapEx of INR 130 crores. Is that correct?
Hiranand Savlani, CFO and Executive Director
Yeah. It will be maybe INR 130 crore-INR 150 crore. ... out of total 70, we'll start with 40.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| UK Q3 revenue INR 81 crore | ₹81 cr | ₹1,370 cr | Understated vs filing |
| UK Q3 loss INR 2.4 crore | ₹2.4 cr | ₹113 cr | Understated vs filing |
| UK 9-month revenue INR 270 crore | ₹270 cr | ₹1,370 cr | Understated vs filing |
| Bathware Q3 revenue INR 20 crore | ₹20 cr | ₹1,370 cr | Understated vs filing |
| Bathware Q3 loss INR 4 crore | ₹4 cr | ₹113 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.