ASTRAL / Q1-FY24 / claim-ledger

Audit the questions that mattered.

Astral · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY24 · 2023-08-01Back to quarter ↗

Questions audited

11

Answered directly

73%

Numeric claims

1

Consistency

contradicted

Question ledger

What was answered, and how?

Rahul Agarwal · InCred Capital

partial

Volume growth in adhesives India and outside, and outlook for growth and margins.

We are expecting 15%+ full year growth for adhesive business, 15%-20% kind of growth. We have guided that we will be delivering 15%+ EBITDA margin, we are standing by with that number.

Rahul Agarwal · InCred Capital

evasive

Debottlenecking expansion plan and capacity addition details.

Our team is working on that, and continuously we are working on that. Once I think, number is not preached how much we are able to, so team is working on that, but I'm sure there also we can improve the capacity... How much exact capacity will be added, I think, we will be in a position to tell you in the next quarter call.

Rahul Agarwal · InCred Capital

direct

Confirmation of 10-15 thousand tons debottlenecking capacity.

Yeah, yeah. You can expect that number.

Rahul Agarwal · InCred Capital

direct

Bathware sales run rate and quarterly sales.

No, last quarter it was around 13.9 or something. Okay, because April was low, May, June was very good, so July is again a very good. Last three months, I have considered May, June and July, all the three months were INR 5 crore+.

Rahul Agarwal · InCred Capital

direct

Paint sales and EBITDA margin.

Yes, INR 41 crore. Paint is INR 41 crore. 17% EBITDA. EBITDA was good because the GP improvement was substantial in that business also.

Rahul Agarwal · InCred Capital

evasive

Details about new person who joined for paints.

We will, we'll share at the appropriate time, but very rich experience person, having 30+ years of experience in paint industry. We are having some personals joining there also, but we'll at the right time, we'll communicate on that.

Dhananjai Bagrodia · ASK

direct

Steady state EBITDA per ton for the year.

I think I don't track EBIT, but EBITDA basis, we are considering that its number should be in the range of INR 35-40 minimum.

Dhananjai Bagrodia · ASK

direct

Bathware business loss and segment allocation.

Pipe. Last year was INR 16.5 crore. This first quarter is INR 3.4 crore.

Praveen Sahay · Prabhudas Lilladher

direct

Volume growth drivers and whether it's largely from geographical expansion.

The growth is coming from all the different segments that you mentioned. It is coming from geographical expansion... Growth is coming from retail side also. Growth is coming from project side also. ...It is a multifaceted growth that is coming.

Praveen Sahay · Prabhudas Lilladher

direct

CPVC pricing outlook and current trends.

CPVC prices have definitely softened, but CPVC prices will not soften like PVC prices have softened. ...India will continue to be, continue to remain import dependent for the coming two years more. ...It is very hard for CPVC to soften beyond that point.

Ritesh Shah · Investec India

evasive

Whether 25% volume CAGR is implied by capacity expansion.

I don't want to unnecessarily give the commitment at this stage... 25% is a very huge number... I don't want to unnecessarily sow the grapevine in the market that we will be able to do 25% CAGR volume growth in next three years.

Ritesh Shah · Investec India

partial

EBITDA per kg guidance and why not higher than INR 35-40.

Ritesh, it is difficult to predict the ratio in which direction. ...We have to be very, very conservative, because we don't want to unnecessarily misguide any of the investor community that this is the way we are going to.