ASTRAL / Q4-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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PositiveQ4-FY24 · 2024-05-15Back to quarter ↗

Questions audited

11

Answered directly

55%

Numeric claims

4

Consistency

contradicted

Question ledger

What was answered, and how?

Speaker 10 · Research desk

partial

Paint industry entry strategy amid disruption by large player.

We are not going to push, put money behind it, be aggressive without any reason and do any extraordinary expenses. We will grow. This year, we'll reach 300-325, it's an ideal number.

Speaker 10 · Research desk

direct

OPVC pipe sizes and market opportunity.

First phase, we are launching up to 12 inches. After that, maybe we will go to higher diameters. Major demand is up to 12 inches, 315 mm, is the major market for this.

Girish Achhipalia · Morgan Stanley

direct

Adhesive revenue and EBITDA split between India and international.

The revenue from the last year from India operation was INR 960 crore, and the EBITDA was INR 151 crore, so close to about 15.7% EBITDA... The UK did around INR 355 crore rupees last year. EBITDA was just INR 19 crore.

Girish Achhipalia · Morgan Stanley

direct

Normalized EBITDA margin for UK business.

So we are expecting close to about double-digit, close to about 10% EBITDA next year.

Girish Achhipalia · Morgan Stanley

direct

CapEx breakdown by business segment.

So probably about, you can say major chunk, INR 250 crore kind of will go to the pipe and INR 50 crore will go to the other businesses.

Girish Achhipalia · Morgan Stanley

evasive

OPVC opportunity size and pricing.

On the realization side, I think, it is too soon to comment that what the realizations of this product line would be. But since it is a technical product... it will be selling at a premium price.

Het Choksey · Deven Choksey

evasive

Strategy for piped gas business opportunity.

Gas side, there will be a move to usage of polymer pipes. It is still in a very nascent phase, and we are actively keeping a watch on the developments on this side. It's too soon to commit to any sort of a CapEx.

Het Choksey · Deven Choksey

partial

Aluminum composite pipe market evolution.

We already have the CPVC aluminum composite pipe for hot water supply, and we are also going to launch the PEX, aluminum PEX composite pipes... But again, it is a very premium product.

Het Choksey · Deven Choksey

evasive

Separate listed company for adhesives and sealants.

I'm sure you have not seen the number of our this business. the last 10 years, our growth is 17% CAGR... So we have done a good job. Yes, definitely we can do still better...

Ritesh Shah · Investec

direct

Industry growth guidance volume vs value and market share aspiration.

Industry is supposed to grow at between 10%-12% volume, and our indication to the market is between 15%-20% volume for this year.

Ritesh Shah · Investec

evasive

INR 1,500 crore new business target status.

We are very well on track. We have not shared that number, but next time in the presentation, we will give the net number also... we are going to achieve in next committed time.

Rahul Agrawal · Ikigai Asset

partial

Adhesive segment growth outlook for next two years.

Obviously, it will be growing at a much higher pace in volumes. Much, much higher pace. And, Dahej plant is having a good capacity, so it will be helping us to grow much faster.