Astral Ltd.'s share price fell to the lowest level in three months as the company reported bleak performance for the first quarter due to weakness in demand for polymer products. Polyvinyl chloride pipe prices declined approximately 14% on the year during April–June compared to 4–5% decline in the previous quarter, it said in an exchange filing.
Astral saw its consolidated revenue declining 1.6% year-on-year to Rs 1,361 crore from Rs 1,383 crore. Its net profit fell 33% on the year to Rs 81.10 crore from Rs 120.40 crore.
Operating profit declined 14% on the year to Rs 185.20 crore during April–June from Rs 214.20 crore. Its profit margin declined 190 basis points on the year to 13.6% from 15.5%.
Low PVC prices also caused Astral inventory losses and impacted realisation. Astral sounded hopeful of PVC price recovery from the current quarter which will help good realisation and improvement in demand.
Astral share price declined 7.50% to Rs 1,278.00 apiece, the lowest level since May 9. It was trading 7.06% down at Rs 1,284.90 apiece as of 11:13 a.m., as compared to 0.16% decline in the NSE Nifty 50 index.
The stock declined 33.79% in 12 months, and 22.41% on year-to-date basis. Total traded volume so far in the day stood at 24 times its 30-day average. The relative strength index was at 21.88, which implied the stock is oversold.
Out of 29 analysts tracking the company, 19 maintain a 'buy' rating, seven recommend a 'hold' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 23.8%.
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