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Astral (company)

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For the defunct Canadian conglomerate, see Astral Media.
Astral Limited
Company typePublic
BSE: 532830
NSE: ASTRAL
ISININE006I01046
IndustryBuilding materials
Founded1996
Headquarters
Ahmedabad
,
India
Key people
Sandeep Engineer (managing director)[1]
ProductsAdhesives, bathware, CPVC pipes, paints, PVC pipes
RevenueIncrease ₹5,641 crore (US$680 million) (FY24)[2]
Increase ₹545 crore (US$65 million) (FY24)[2]
Total assetsIncrease ₹2,758 crore (US$330 million) (2022)[3]
Total equityIncrease ₹2,006 crore (US$240 million) (2022)[3]
Subsidiaries
  • Astral Adhesives
  • Astral Bathware
  • Astral Pipes
  • Gem Paints
  • Resinova Chemie
  • Rex Polyextrusion
  • Seal It Services
Websiteastralltd.com Edit this at Wikidata
Footnotes / references
[4]

Astral Limited (formerly Astral Poly Technik Limited) is an Indian building materials and equipment company based in Ahmedabad which makes chlorinated polyvinyl chloride and polyvinyl chloride pipes.[5][6]

History

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In 1996, Astral Poly Technik Limited was founded by Sandeep Engineer and later became known as Astral Pipes.[7][8] At first, the company introduced industrial CPVC pipes in India by licensing the CPVC Resin procurement technology from Lubrizol.[9][10] However, after three years, they shifted to the plumbing sector, where CPVC pipes became more popular than galvanized Iron (GI) pipes.[9] In 2004, the company started offering lead-free polyvinyl chloride pressure pipes. Following that, in the next few years, they diversified into other areas such as fire sprinkler system, Soil, Waste and Rainwater (SWR) pipes, underground pipes, and other related sectors.[9]

In 2007, the company went public and had its shares listed on the National Stock Exchange of India and Bombay Stock Exchange.[11]

The introduction of PVC pipe in 2013 marked the beginning of the business's expansion into the agricultural market.[9] In 2016, it brought an end to its partnership with Lubrizol regarding the production of CPVC pipes[12] and began operations at its own CPVC compounding facility at Santej (Gujarat) in collaboration with Sekisui Chemical.[13]

Operations

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As of 31 March 2022, Astral had a total manufacturing capacity of 282,338 MTPA for both pipes and water tanks. It has factories which are located in Gujarat, Tamil Nadu, Rajasthan, Maharashtra, Uttarakhand, and Odisha. In addition, Astral had a combined adhesive manufacturing capacity of 95,980 MTPA, with factories in Santej (Gujarat), Unnao, and Rania (Uttar Pradesh), as well as in the United States and United Kingdom.[14]

The company has a distribution network of over 800 distributors in the plastic segment and over 1,800 distributors in the adhesive segment.[15]

Financials

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According to the DuPont analysis conducted in 2020, the company's current ratio declined from 1.45% in 2015 to 1.27% in 2019.[16] However, as of March 2022, it recovered and increased to 1.78%.[17]

Mergers and acquisitions

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Since 2014, Astral has acquired companies in India, the UK, and the US.[18]

  • In 2014, the company acquired a Kanpur-based adhesive company Resinova Chemie for ₹2.13 billion (US$26 million).[19]
  • In 2018, Astral entered the infrastructure market with the acquisition of Rex Polyextrusion, which has its headquarters in Sangli, Maharashtra, and is a manufacturer of double-wall corrugated pipes.[20]
  • In 2022, the company acquired a majority 51 percent stake in Gem Paints for ₹1.94 billion (US$23 million).[21] In the same year, the company implemented a capacity expansion project in Karnataka, resulting in the rise of annual capacity by 36,000 kiloliters.[22]
  • In October 2022, Astral acquired 80% of UK-based adhesive and sealants maker Seal It Services Ltd for ₹440 million (US$5.3 million).[23][24]

Marketing

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In 2017, as part of the Swachh Bharat Mission, a direct-to-digital advertisement was released by the company which garnered global attention by creating awareness about open defecation and linking it with the issues of women's safety and gender-based violence in India.[25][26]

Controversies

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  • In November 2021, the Income Tax Department conducted searches at approximately 40 locations across India belonging to Astral Limited and Ratnamani Metals and Tubes.[27]
  • In March 2023, a former employee and his son were involved in stealing data from the company's system and using it to conduct business separately with the company's clients, resulting in a loss of ₹50 million (US$600,000) for the company.[28]

References

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  1. ^ "How Astral Pipes' Sandeep Engineer became a mint-new billionaire". Forbes India. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  2. ^ a b "Astral shares crack 5% on sluggish Q4 show; PAT, margins take beating". Business Standard. Retrieved 20 May 2024.
  3. ^ a b "Astral Limited Financial Statements". Moneycontrol. Archived from the original on 20 April 2023. Retrieved 21 April 2023.
  4. ^ "Astral | Company Overview & News". Forbes. Archived from the original on 27 May 2023. Retrieved 24 May 2023.
  5. ^ Gutgutia, Aaditya (10 January 2023). The Polycycle Investor. Manjul Publishing. ISBN 978-93-90924-96-7. Archived from the original on 20 July 2023. Retrieved 20 July 2023.
  6. ^ Manyal, Sanjay; Taunk, Hitesh (16 August 2022). "Astral Ltd 11581 - Research and Analysis Report - ICICIdirect". ICICI Direct. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  7. ^ Belagali, Rayagond (1 March 2019). "Factors Influencing Dealer's Buying Behaviour Towards Sadanand PVC" (PDF). DSpace @ Acharya Institute of Technology. p. 18. Archived (PDF) from the original on 21 April 2023. Retrieved 21 April 2023.
  8. ^ Bobade, Pankaj (22 June 2020). "Astral Poly Technik, Financial Analysis". Axis Securities Limited. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  9. ^ a b c d Mukherjea, Saurabh (17 August 2016). "Chapter 8: Astral Poly: To the Brink and Back". The Unusual Billionaires. India: Penguin UK. ISBN 978-93-86057-67-9. Archived from the original on 20 July 2023. Retrieved 20 July 2023.
  10. ^ Elearnmarkets. "Case Study: Astral Poly". Elearnmarkets by StockEdge. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  11. ^ "Astral IPO Details – IPO Date, Price, GMP, Analysis & Review". www.chittorgarh.com. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  12. ^ "Lubrizol terminates process agreements with Astral Poly". Hindu Business Line. 16 August 2016. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  13. ^ Das, Abhijit Kumar (10 January 2019). "Retail Equity Research: Astral Poly Technik Limited" (PDF). Geojit Financial Services. Archived (PDF) from the original on 21 April 2023. Retrieved 21 April 2023.
  14. ^ Modi, Krunal Pankajkumar (20 September 2022). "CARE Ratings: Astral Limited" (PDF). CARE Ratings. Archived (PDF) from the original on 10 June 2023. Retrieved 21 April 2023.
  15. ^ John Meledan, Joby (30 May 2022). "Astral Poly Technik Limited: Focus on capacity utilization & new products scale up" (PDF). Sharekhan by BNP Paribas. Archived (PDF) from the original on 15 May 2023. Retrieved 15 May 2023.
  16. ^ Mohanasundari, M; Sundharesalingam, P; Naveen Raja, S.; Sivaprakash, V.S. (2020). "USING DUPONT ANALYSIS TO ASSESS THE FINANCIAL PERFORMANCE OF THE SELECTED COMPANIES IN THE PLASTIC INDUSTRY IN INDIA" (PDF). Gedrag & Organisatie Review. 33 (2): 2592–2600. eISSN 1875-7235. ISSN 0921-5077. Archived (PDF) from the original on 15 May 2023. Retrieved 20 July 2023 – via Amsterdam University Press.
  17. ^ "Astral Limited Key Financial Ratios, Astral Limited Financial Statement & Accounts". www.moneycontrol.com. Archived from the original on 17 May 2023. Retrieved 15 May 2023.
  18. ^ Ravi, Rajesh (22 February 2021). "Astral Poly Technik: An 'astr'onomical growth story" (PDF). HDFC securities. Archived (PDF) from the original on 21 April 2023. Retrieved 21 April 2023.
  19. ^ "Astral Poly Technik acquires 76% stake in Resinova for Rs 213 cr". Business Standard. 21 November 2021. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  20. ^ Sunkara, Keshav (10 July 2018). "Pipe maker Astral Poly Technik to acquire Rex Polyextrusion". VCCircle. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  21. ^ "Astral to acquire 51 pc stake in Gem Paints for Rs 194 cr". The Economic Times. 30 April 2022. ISSN 0013-0389. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  22. ^ Gude, Archana; Amonkar, Jyoti (February 2023). "Astral Q4FY22 Result Review" (PDF). IDBI Capital. Archived (PDF) from the original on 15 May 2023. Retrieved 15 May 2023.
  23. ^ Dutta, Vishal (26 August 2014). "Astral Poly Technik acquires British company Seal It Services for Rs 44 crore". The Economic Times. ISSN 0013-0389. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  24. ^ "Astral Poly Techniq acquires controlling stake in UK-based Seal It for Rs 44 cr". Hindu Business Line. 26 August 2014. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  25. ^ Sachdev, Chhavi (29 May 2017). "Watch Women Shame Men Who Pee In Public". NPR. Archived from the original on 27 May 2023. Retrieved 27 May 2023.
  26. ^ Krishnan, Kavita (7 February 2020). Fearless Freedom. Penguin Random House India Private Limited. ISBN 978-93-5305-732-9. Archived from the original on 20 July 2023. Retrieved 20 July 2023.
  27. ^ "Gujarat: I-T dept searches 40 premises of 2 firms". The Indian Express. 24 November 2021. Archived from the original on 21 April 2023. Retrieved 21 April 2023.
  28. ^ "Employee steals pipe maker's data". The Times of India. 15 March 2023. ISSN 0971-8257. Archived from the original on 30 April 2023. Retrieved 21 April 2023.
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