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Anand Rathi Report
Stocks to Buy: We expect strong 18%/22%/24% revenue/Ebitda/profit after tax compound annual growth rates over FY24-27; hence, upgrade the stock to a Buy with a target price of Rs 2,666, 68.75 times FY27E earnings per share (earlier a Hold, at a Rs 1,793 target price, 62.5 times FY25e).
In the extremely volatile PVC pricing context Astral Ltd.'s performance was decent though revenue was up only 0.5% to a muted Rs 13.7 billion. Despite the challenging situation, the gross margin held YoY at a stable 38.9%.
Cost front-loading in certain businesses at early stages led to the Ebitda margin coming 82 bps lower YoY to 15.3%. PAT fell a huge 16% YoY due to other income down 34% y/y and depreciation/interest expense up 23%/27% YoY.
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