Astral Poly Technik Ltd. (Astral) came out with mixed results where revenue was marginally above expectation while EBITDA and PAT was a tag lower than estimates. In Q1FY17, Consolidated revenue/EBITDA grew by 16.7%/8.5% YoY to Rs5,205mn and Rs546 mn, respectively (below our estimates) while adjusted PAT (adjusting forex loss of Rs36 mn) came at Rs303 mn, up by 3.7% YoY due to higher depreciation and interest expenses. EBITDA/Adjusted PAT margin declined 98/90bps YoY to 13%/7.2% respectively due to lower gross margin and higher employee cost. The company reports strong 16% YoY growth in pipes revenue led by 21% rise in volume partially offset by 4.3% drop in realization due to lower CPVC prices. Adhesive business witnessed a growth of...