Astral reported better-than-expected Q2FY24 volumes growth of 27.8% YoY (4-yr CAGR of 10.7%) in its pipes segment owing to a low-base. Consolidated revenue grew 16.3% YoY with pipes/adhesives segments growing 15.1%/17.5% YoY. Consolidated EBITDA margin improved 386bps YoY (+44bps QoQ) to 16.1%, leading to EBITDA/APAT growth of 52.8%/72.8% YoY.