The 20 reports from 7 analysts offering long term price targets
for Astral Ltd. have an average target of 1988.00. The consensus estimate
represents an upside of 1.44%
from the last price of 1959.75.
Brigade Enterprises: BRGD reported another record quarter as presales grew to 1.7msf (+57%/+9% YoY/QoQ). Presales value jumped to INR 10.2bn (+56%/+10% YoY/QoQ). Construction progress led to a record collection of INR 8.4bn in residential business (vs INR 5.1bn in 3QFY21). Collection in the commercial portfolio continued to be healthy at 99% in 4QFY21. While retail consumption reached 90% of the pre-COVID level, hospitality GOP margin improved QoQ to 22% from 16%. Despite the mid-term challenges in hospitality and retail business, we maintain ADD with an increased TP of INR 296 (vs INR 288 earlier), given the strong momentum in resi. business. We have cut our est. to account for weakness in hospitality, retail/office lease and slower residential construction. Astral: Astral Limited (ASTRA) reported a strong 4QFY21 as both pipes and adhesives segments reported all-time high margins. In pipes, CPVC sales grew at a faster pace. Consolidated net sales/EBITDA/APAT grew 26/33/42% QoQ (79/126/242% YoY) to INR 11.3/2.6/1.7bn respectively and EBITDAM moved to 22.6%. We like ASTRA for its leadership presence in the CPVC segment, continued traction in the adhesive business along with addition of newer chemistries, and new product launches, viz., tanks and valves. We retain our ADD rating with a revised target price of INR 1,830 (34x Mar23E consolidated EBITDA). Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,940/share. We expect the companys PAT to grow at a 15% CAGR over FY21-23E. AIL's constant focus on Capex and R&D; will enable it to remain competitive and expand...
Astral Ltd has reported an all-round performance in Q4FY21 with revenue and PAT coming in much ahead of our expectation. Consolidated revenue growth at 79% YoY to | 1128 crore was ahead of our expectation of 36% growth. This was mainly driven by strong performance of both piping and adhesive businesses. Standalone piping revenue increased 80% YoY to ~| 910 crore supported by ~26% YoY growth in volume. Strong demand from housing and construction segment helped drive volumes in Q4FY21. On the adhesive front, segment revenue growth at 78% YoY to | 241 crore...
ASTRA's superior capital allocation has resulted in strong revenue and earnings growth, as well as high return ratios. While earnings growth outlook remains buoyant, ASTRA's stepping up asset sweating led FCF/return ratio acceleration should further bolster its valuations. We initiate coverage on ASTRA with an ADD rating and a TP of INR 2,210/share (34x its consolidated Mar'23E EBITDA). Despite valuing it at a 15% premium to its 3-year mean multiple, the upside is limited, owing to sharp rise in its share price over the past six months. We initiate coverage on Astral Poly Technik Ltd (ASTRA) with an ADD rating and a target price of INR 2,210/sh. We like ASTRA for its leadership presence in the CPVC segment and continued traction in adhesive business. Aided by strong demand outlook in both businesses and ASTRAs new product launches (tanks and valves in plastic pipes, newer chemistries in adhesives), distribution strengthening in adhesives, and focus on asset sweating, ASTRAs revenue/EBITDA/APAT should grow at robust 24/29/35% during FY20-23E (ahead of 24/27/24% CAGR during FY10-20)!
With outstanding performance in H1FY21, we have re-worked our estimates for the rest of the year and FY22. We have revised our estimates upwards with change in business sentiments and opening of economy, and expect the company to post Revenue/PAT growth at CAGR of 13%/20% respectively over FY20-22
Adhesive segment demand recovery was impressive post easing of restrictions with ~30% sales growth in Q2FY21. Low base, completion of its distribution realignment strategy yielded a better-than-expected performance. On the piping front, strong demand recovery was seen from September 2020 onwards, which continued in October as segment sales growth for September, October was as high as 30%, 85% YoY, respectively....
Astral Poly Technik (ASTRA) Q2FY21 numbers were above our estimates on revenue front and profitability front. Volume growth of 2.2% YoY and 62.4% QoQ in pipe segment as end markets opened up and company had inventory ready and robust distribution network. Pipes business showed a positive growth YoY from Sep'20 onwards. Adhesive segment from the month of July showed a positive growth after a subdued previous quarter. Margins on a full year showed growth as structural changes of eliminating stockists was undertaken....
Piping segment demand recovery was led by semi urban, rural areas that were less impacted by pandemic. Astral recovered ~90% of piping sales volume in May-July 2020 despite nominal sales from metro regions. Further, opening of metro regions coupled with its plan to enhance dealer networks across semi urban and rural regions would help in a faster sales recovery from H2FY21E onwards. On the adhesive side, the demand recovery was impressive post ease in restrictions with ~26% sales growth in July 2020. Low base and completion of its distribution realignment strategy yielded a...
Astral Polytechnik reported a relatively tepid Q1, with revenue down to Rs 404 cr (33% YoY decline) as the company sold 21784 MT pipes (?31% YoY against our expectations of almost 50% decline). We retain SELL rating on Astral Poly with target price of Rs 758/-.
Astral Poly Technik's (ASTRA) Q1FY21 consolidated revenue declined at a slower pace than expected, posting 33% YoY contraction as the lockdown induced a 31% drop in pipe volumes.
We initiate coverage on Astral Polytechnik with a SELL recommendation and price target of Rs 758/-. India's Real Estate (esp. residential) was struggling prior to Covid-19 and has been further pushed to brink due to Covid-19 induced circumstances, viz., migration of labourers
