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Dolat Capital Report
Astral Poly Technik Ltd.'s Q1 FY21 numbers were in line with estimates on revenue front. Volume de-growth of 31.3% YoY and 5.5% QoQ due to lockdown situation, major volumes lost in Tier one cities as construction activities were stalled.
As adhesives business falls under non-essential category the plants started operations later in May affecting the business. Adhesive segment in the month of July showed a positive growth after a subdued previous quarter.
Margins on a full year showed growth as structural changes of eliminating stockists was undertaken. Stockist margins of 6-8% was removed which directly benefited the Company. The structural changes are completely complete now.
With new product addition in the Adhesive segment as well as pipe segment, we feel that revenue growth along with margin profile should get better once the economy is on recovery track.
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