Astral Poly Technik's (Astral) Q4FY19 result was largely in-line to our forecast. Revenue grew by 19% YoY to Rs7.7bn. While EBITDA remained flattish on a YoY basis at Rs1.2bn owing to higher other expenses, Adj. PAT declined 13% YoY to Rs611mn. Plastic segment (Inclusive of Rex) witnessed volume growth of 23% YoY to 38,877mt whereas EBITDA just grew by 9.7% YoY to Rs977mn owing to higher expenses. Further, Adhesive business revenue increased by 19% YoY to Rs1.8bn while EBITDA declined by 22% YoY to Rs250mn due to higher branding expenses. We largerly keep our estimates unchanged and introduce FY21 financials and expect its revenue/EBITDA/PAT to see a...