In Q1FY24, Astral reported pipes volume growth of 31.1% YoY (4-year CAGR of 10.9%). Consol revenue grew 5.8% YoY with pipes/adhesives segments growing ~6%/9% YoY. Consolidated EBITDA margin improved 165bps YoY (-480bps QoQ) to 15.7%, leading to EBITDA/APAT growth of 18.2%/26.4% YoY.