Astral Poly Technik's (Astral) Q4FY18 result was a complete beat to our estimates. Plastic division volume grew by 10.1% YoY to 31,618mt slightly offset by lower realizations while Adhesive business revenue went up by 19.6% YoY to Rs1.6 bn. Revenue grew by 11.9% Yoy to Rs. 6.5bn, EBITDA was up by 32.5% Yoy to Rs.1.18bn and adjusted PAT increased by 34.5% YoY to Rs.702mn. Both Plastics and Adhesives business saw a margin expansion of 142bps and 693bps YoY respectively. On the back of strong result, raising EBITDA/PAT by 6.9%/8% for FY19 and 6.9%/9%...