7th February, 2023

BSE Limited National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G
Dalal Street Bandra Kurla Complex, Bandra (East)
Mumbai – 400 001. Mumbai – 400 051.
Scrip Code: 532830 Trading Symbol: ASTRAL

Dear Sir/Madam,

Sub.: Press release

With reference to the captioned subject, we enclose herewith the Press Release with
respect to Unaudited Financial Results of the Company for the quarter and nine
month ended 31st December, 2022.

Kindly take the same on your record.

Thanking you,

Yours faithfully,

For Astral Limited

Manan Digitally signed by Manan

Chandraprak Chandraprakash Bhavsar

Date: 2023.02.07 18:41:35

ash Bhavsar +05'30'

Manan Bhavsar
Company Secretary

Encl.: As above
 Astral Limited delivers Consolidated top line growth of 15% & Volume Growth 30% for
Q3 2022-23
Ahmedabad, Gujarat – February 7, 2023 Astral Limited, pioneer in manufacturing of CPVC pipes & fittings
announced the financial results for the Quarter and Nine Months ended December 31, 2022.
Overview of Consolidated Results:
(Rs. In Million, except as stated otherwise)
Q3 Q2 Q3 Q-O-Q Y-O-Y 9M 9M Y-O-Y
Particulars 2022-23* 2022-23* 2021-22 Q2 Vs Q3 Q3 Vs Q3 2022-23 *
2021-22 9M Vs 9M
% Change % Change % Change
Revenue from 12,678 11,716 11,027 8.2% 15.0% 36,523 30,034 21.6%
operations
EBDITA 1,844 1,549 2,038 19.0% -9.5% 5,211 5,570 -6.4%
EBDITA 14.5% 13.2% 18.5% 14.3% 18.5%
(% of sales)
PBT 1,295 961 1,697 34.8% -23.7% 3,508 4,552 -22.9%
PBT (% of sales) 10.2% 8.2% 15.4% 9.6% 15.2%
PAT (Before OCI) 949 720 1,279 31.8% -25.8% 2,605 3,463 -24.8%
PAT (% of sales) 7.5% 6.1% 11.6% 7.1% 11.5%
Cash Profit 1,404 1,168 1,600 20.2% -12.3% 3,941 4,404 -10.5%
Cash Profit 11.1% 10.0% 14.5% 10.8% 14.7%
(% of sales)
Basic / Diluted EPS 4.62 3.43 6.34 34.7% -27.1% 12.45 17.04 -26.9%
(In Rs.)
Overview of Plumbing & Paints and Adhesives Results:
Plumbing Business:
(Rs. In Million, except as stated otherwise)
Q3 Q2 Q3 Q-O-Q Y-O-Y 9M 9M Y-O-Y
2022-23 2022-23 2021-22 Q2 Vs Q3 Q3 Vs Q3 2022-23 2021-22 9M Vs 9M
Particulars
% % % Change
Change Change
Revenue from 9,318 8,361 8,415 11.4% 10.7% 26,440 22,817 15.9%
operations
EBDITA** 1,434 1,125 1,670 27.5% -14.1% 3,858 4,425 -12.8%
EBDITA 15.4% 13.5% 19.8% 14.6% 19.4%
(% of Sales)
Sales in M.T. 45,859 40,753 35,260 12.5% 30.1% 123,190 102,358 20.4%

** The company has incurred loss of Rs.130 Million for its new business of faucet and sanitary ware for
nine months ended December 31, 2022.
 Paints and Adhesives Business:
(Rs. In Million)
Q3 Q2 Q3 Q-O-Q Y-O-Y 9M 9M Y-O-Y
Particulars 2022-23* 2022-23* 2021-22 Q2 Vs Q3 Q3 Vs Q3 2022-23 *
2021-22 9M Vs 9M
% Change % Change % Change
Revenue from 3,360 3,355 2,612 0.1% 28.6% 10,083 7,217 39.7%
operations
EBDITA 410 424 368 -3.3% 11.4% 1,353 1,145 18.2%
EBDITA 12.2% 12.6% 14.1% 13.4% 15.9%
(% of Sales)

* Q3 2022-23, Q2 2022-23 and 9M 2022-23 includes operating business of Gem paints.

Notes:
1. The group has defined its businesses in two verticals (segments) namely
a) Plumbing (Pipes, fittings, water tanks, faucets and sanitary ware)
b) Paints and Adhesives (Resinova + Seal It + Operating business of Gem paints).
2. The Scheme of Amalgamation of Resinova Chemie Limited (subsidiary of the company) and Astral
Bio Chem Private Limited (wholly owned subsidiary of the Company) with the Company, was
approved by the Hon’ble National Company Law Tribunal ("NCLT") Ahmedabad Bench vide its
Order dated September 5, 2022. The certified copy of the Order along with certified copy of the
Scheme was filed by the respective companies, with the Registrar of Companies on September 6,
2022 (“Effective Date”). The effect of this merger was given in the standalone financial results
w.e.f. appointed date April 1, 2021, in accordance with Ind AS 103 Business Combinations.
3. To strengthen our Board with Independent professionals, the board of directors have appointed
Two New Members 1). Mr. Chetas Desai, a Chartered Accountant having very rich experience of
30 Years working with reputed organizations like PWC (In Corporate Finance Vertical) and in
Investment Banking business with AMBIT as a CEO. 2) Mr. Dhinal Shah, a Chartered Accountant
having 30 years of experience in advising clients on taxation, exchange control, insolvency and
corporate laws. He was central council member at Institute of Chartered Accountants of India and
Chairman of Direct Tax Committee of GCCI and visiting faculty at IIM-Ahmedabad on various
professional topics.
4. The Board of Directors of the Company in its meeting held on February 7, 2023 approved issue of
bonus shares in the proportion of 1:3 i.e. 1 (One) bonus equity shares of Re 1/- each for every
3(Three) fully paid-up equity shares held as on record date, subject to approval by the
shareholders of the Company.
5. The Company’s Bhubaneshwar plant is gearing up and we have already rolled out PVC PRODUCT
and Water tank to market. Shortly we will start CPVC production from there. We are expecting
from Q1 it will be fully operational with all products including CPVC.
6. Valve project has started generating revenues from few SKU and by Q-4 we are expecting all SKUs
(120 SKUs) will be in market.
 7. Margins were under pressure in both verticals due to high cost inventory of RM both PVC and
Chemicals but now started improving and due to which you can see Q3 Margins are better than
Q-2 and we are Expecting to further improvement in margins in Q-4.
8. We have further geared up operations of Sanitaryware & Faucet business and we are happy to
inform that we have completed 231 Showrooms/display center supported by our channel
partners and 80 more such Showrooms/ display centers at various states of country are under
constructions and most of them will be ready by fourth quarter and company is planning to have
500 such showrooms/display centers by the year end.
9. Our Dahej state of art Adhesive plant is on verge of completion (By Q-4). We are expecting revenue
to start from Q-1.
10. At ASTRAL we have always believed in contributing to society and uplifting of communities, We
keep on introducing INNOVATIVE products in the market and likewise we always try our best
under CSR programs to do something different and INNOVATIVE. We are happy to inform you
that our company recently awarded for such work at AFAQS Digies 2023 with TWO GOLD AWARDS
and ONE BRONZE Awards. In this categories India’s most prominent companies were there in
which jury has selected ASTRAL for 3 AWARDS which is really proud moment for all of us at
ASTRAL.
11. Consolidated cash (including cash equivalents) and bank balances as at December 31, 2022 is Rs.
4,766 million.
12. Consolidated receivable days, inventory and working capital days are 23 days, 66 days and 34 days
respectively for the nine months ended December 31, 2022.
13. The figures for the previous periods have been regrouped / reclassified wherever necessary to
confirm with the current period’s classification.
FINANCIAL HIGHLIGHTS:
Consolidated Revenue from operations
(Rs. in Milllion)
36,523
30,034

19,490 20,485
17,326

9M 2018-19 9M 2019-20 9M 2020-21 9M 2021-22 9M 2022-23

 Consolidated EBDITA
(Rs. in Million)

5,570
5,211
4,034
3,413
2,769

9M 2018-19 9M 2019-20 9M 2020-21 9M 2021-22 9M 2022-23

Sales in M.T.
(Plumbing Business)

123,190

98,402 102,358
94,059
77,608

9M 2018-19 9M 2019-20 9M 2020-21 9M 2021-22 9M 2022-23

https://www.astralpipes.com/investor-relations
Media Contact Details
Mr. Hiranand Savlani
Chief Financial Officer
079-66212000
[email protected]