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Revenue
₹1,384 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Astral reported a 16% volume growth in Q1 FY25, in line with its 15% guidance, despite significant PVC price volatility. Revenue growth was muted at 8% due to a wide volume-value gap from lower polymer prices. Consolidated EBITDA margins were pressured by INR 20 crore of one-off branding costs (IPL and ICC World Cup) and higher employee costs from new verticals. The plumbing business delivered 8% revenue growth with 17.94% EBITDA margin, while adhesives India grew 14% with 16% margins. UK operations disappointed with -5% revenue and 2.5% EBITDA. Bathware revenue was INR 26 crore, and paints launched in Gujarat and Karnataka. Management maintained its 15%+ volume growth guidance for FY25, expecting margin recovery in H2 as seasonal demand picks up and costs normalize. Key risk: sustained PVC price weakness could further delay margin recovery and pressure realizations.
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Guidance to track
- Management reiterated its 15%+ volume growth guidance for the full year, with potential upside if H2 performs well.
- Management guided for plumbing EBITDA margin in the range of 16%-18% for the full year.
- Management expects to maintain 16% EBITDA margin in India adhesives for the full year.
- Management guided for capital expenditure of approximately INR 350 crore for the full year.
Risks flagged
- Sharp PVC price fluctuations and industry-wide delays in passing on price increases could pressure margins and revenue growth.
- UK operations posted negative revenue growth and weak margins due to elections and slow economy; recovery expected only from Q3.
- Employee costs and other expenses rose significantly due to new verticals and one-off events; management expects normalization but risk remains if growth disappoints.
- New verticals (paints, bathware) are incurring losses and may take longer to reach breakeven, dragging consolidated margins.
Key quotes
- We are always giving the guidance of full year basis. One quarter will not be the right method to do the evaluation on all the parameters.
- We are as a family and we are as all of us, always cautiously working and to see that things move in the right direction.
- If the challenges come up in growth or in numbers or in polymers or chemicals or anywhere, we will be obviously cutting on the cost and see that we are maintaining our guidelines.
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