Large cap stock Astral declares 1:3 bonus shares, posts 15% revenue growth in Q3
With a market valuation of ₹41,802.68 Cr., Astral Ltd. is a large-cap company that operates in the industrial sector. The finest CPVC pipe and fitting manufacturer in India is Astral Pipes. Today, the firm announced its Q3 earnings along with a 1:3 bonus share issuance.
Astral said in a stock exchange filing that the Board of Directors has “Recommended issue of bonus equity shares in the proportion of 1:3, that is 1 (One) bonus equity share of Re. 1/- each for every 3 (Three) fully paid-up equity shares held, as on the record date, subject to approval of the Members of the Company. Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Tuesday, March 14, 2023 as the Record Date, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of Bonus Equity Shares in the proportion of 1 (One) Equity Shares of Re. 1/- each for every 3 (Three) existing Equity Shares of Re. 1/- each, subject to the approval of Members, which is being obtained through Extra Ordinary General Meeting.”
The post-bonus paid-up equity share capital is anticipated to be somewhere around Rs. 26,86, 11,572/- comprising of 26,86, 11,572 equity shares of Re. 1/- each. The pre-bonus paid-up equity share capital as of the date is ₹20,14,58,679/- consisting of 20, 14,58,679 equity shares of ₹1. By the estimated date of April 6, 2023, or within two months after the date of board approval, such bonus shares would be credited.
On a consolidated basis, the company reported revenue from operations of ₹1267.8 crore in Q3FY23 compared to ₹1102.7 crore in Q3FY22, representing a growth of 15.0%. Astral said its EBITDA reached ₹184.4 crore in the quarter ended December 2022 compared to ₹203.8 Cr in the year-ago quarter, representing a fall of 9.5% YoY. The company posted profit before tax (PBT) of ₹129.5 crore in Q3FY23 compared to ₹169.7 Cr in Q3FY22, representing a fall of 23.7% YoY. The company recorded profit after tax (PAT) or net profit of ₹94.9 crore in Q3FY23 against ₹127.9 Cr in the year-ago quarter, representing a fall of 25.8%. The EPS of Astral stood at ₹4.62 in Q3FY23, down by 27.1% YoY from ₹6.34 in the same quarter last year.
The shares of Astral Limited closed today on the NSE at ₹2,066.00, down by 1.25% from the previous close of ₹2,092.15.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.