Hold Britannia Industries Ltd & Info Edge India Ltd

Hold Astral Poly Technik; target of Rs 1**9: East India Securities

East India Securities’ research report on Astral Poly Technik:

Astral Poly Technik Ltd (Astral) Q1FY21 revenue fell 33.4% to Rs 4,039 million. There is a decline due to the decline in both the plastics & adhesive sectors. It fell off as the lock-down was damaged. EBITDA for Q1FY21 declined 41.0 percent to Rs 543 million, while gross margins declined by 13.4 percent to 174 bps. PAT fell 57.7% YOY to Rs 199 million due to high depreciation and loss in JV. Going forward, we expect growth in both segments of the company in the coming quarter as demand begins to recover.


We have maintained our hold rating on the company stock with a revised high target price of Rs 1008 (representing the P/E of 45x FY22E).


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