June 06, 2016 / 15:29 IST
East India Securities research report on Astral Poly Technik
Astral Poly's standalone top-line grew by 14.2% to Rs 4286.8Mn. The sales growth came on account of 11.8% in production volume of 22,620MT. Sales volume was higher at 25,521MT, but a hit in realization due to CPVC raw material price drop and fall in crude prices hurt the overall growth. Sales performance was more or less in-line with our estimates. During FY16, standalone top-line grew by 6.4%. Slower growth was account of steep fall in crude prices, lower CPVC prices, closure of Baddi operations and implementation of SAP.
Incorporating subdued FY16 performance, we have cut down our future projections, however our SOTP based target price remains at same level of Rs 500 per share. After some recent run up, the stock now offers over 10% upside from current level. Thus, we change our rating from Buy to Accumulate.
For all recommendations, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
