IDBI Capital Markets maintains buy on Astral Poly Technik, target price Rs 1,342

IDBI Capital Markets has maintained buy rating on Astral Poly Technik in the long term with a target price of Rs 1,342. Shares of Astral Poly Technik ended up 0.55% at Rs 1146.75 on Tuesday while BSE Sensex closed 192.84 points (0.47%) up at 40,869.47.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 678.30 crore, up 11.82% from last quarter Sales of Rs 606.60 crore and up 8.46% from last year same quarter sales of Rs 625.40 crore. The company has reported net profit after tax of Rs 82.50 crore in the latest quarter.

The company’s top management includes Mr.Anil Kumar Jani, Mr.K R Shenoy, Mr.Kyle A Thompson, Mr.Narasinh K Balgi, Mr.Pradip N Desai, Mr.Sandeep P Engineer, Mr.Viral Jhaveri, Mrs.Jagruti S Engineer, Mrs.Kaushal Nakrani. Company has S R B C & Co. LLP as its auditors As on 30-09-2019, the company has a total of 150,662,206 shares outstanding.

Investment Rationale

The company’s innovative and superior products offerings, pan India distribution network, strategically located plants and focus on branding are major drivers for healthy future earnings growth, said IDBI Capital Markets. Recent corporate tax rate cut will further boost net profitability of the company, said IDBI Capital.