Shares of this leading pipe manufacturer have gained 31 percent in the last 6 months, they acquired 29 percent stake in a paints company, holding increased to 80 percent.
At 3:00, 23th October shares of Astral Ltd were trading at Rs. 1,835.15 per share marginally down by 0.3 percent from its previous closing price of Rs. 1,842.55 per share. Market cap of the company is Rs. 49,460 crores.
On 20th october, company announced through a regulatory filing on Bombay stock exchange (BSE) that they have completed acquisition of 80 percent equity shares of Gem paints Private Limited, 51 percent were acquired earlier, now company acquired other 29 percent shares. Remaining 20 percent stake will be acquired by the company over a period of 5 years.
Looking at the financials of the company, revenue increased by 16.34 percent to Rs. 1,363 crores in Q2FY24 from Rs. 1,171.6 crores in Q2FY23, in the same time period net profit increased by 86.36 percent to Rs. 131.2 crores from Rs. 70.4 crores.
Talking about the profitability ratios, the company reported return on equity (ROE) of 18.23 percent and return on capital employed (ROCE) of 25.16 percent in the last financial year.
Incorporated in 1996, Astral Ltd is one of the leading manufacturers and distributors of PVC pipes in India The company manufactures and markets chlorinated polyvinyl chloride (CPVC) piping, sanitaryware and faucets and drainage and plumbing systems. Over the years they have also entered into the adhesive business.
Written by: Vinit Israni
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