Hold Astral, target price Rs 1909: ICICI Securities

ICICI Securities has hold call on Astral with a target price of Rs 1909. The current market price of Astral is Rs 1910. Time period given by analyst is a year when Astral's price can reach defined target.

Astral, incorporated in the year 1996, is a Mid Cap company (having a market cap of Rs 51408.23 Crore) operating in Plastics sector.

Astral key Products/Revenue Segments include Plastic Products and Other Operating Revenue for the year ending 31-Mar-2023.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 1295.20 Crore, down -14.38 % from last quarter Total Income of Rs 1512.80 Crore and up 5.79 % from last year same quarter Total Income of Rs 1224.30 Crore. Company has reported net profit after tax of Rs 119.30 Crore in latest quarter.

Investment Rationale
The brokerage continues to like Astral for its strong brand, comprehensive product portfolio, wide
distribution reach and robust balance sheet. Further it believes there are near-term margin
and demand tailwinds for both the major businesses of Astral (pipes and adhesives).

Promoter/FII Holdings
Promoters held 55.85 per cent stake in the company as of 30-Jun-2023, while FIIs owned 15.65 per cent, DIIs 15.87 per cent.