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Axis Securities Report
Astral Ltd. reported Q3 FY22 revenue growth of 22.4% YoY which stood below our expectations. The overall pipe realisations of Rs 243/ kilo gram, grew by 29.4% YoY due to an increase in product prices.
However, the volume growth declined by 4% YoY as compared to the industry’s double-digits volume de-growth of 11% YoY, primarily led by extended rains, the third wave of the Covid-19, and high fluctuation in poly vinyl chloride prices.
Consequently, this resulted in the destocking of inventory by the dealers. On a positive note, Astral is gaining continuous market share due to superior products and strong brand recall.
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