Shares of Astral were trading 3% above on 27 October after the company started commercial production at its adhesives division of its plant in Dahej, Gujarat.

The company also reported its quarterly report for the July-September quarter. The company reported a 90% year-on-year (YoY) increase in its net profit at Rs 131.2 crore for the quarter under review against Rs 69.1 crore reported in the year-ago quarter.

The company’s revenue from operations saw a 16.3% YoY increase to Rs 1,363 crore for Q2 from Rs 1,172 crore reported in the same quarter of the previous fiscal year.

At the operating level, the EBITDA saw an increase to Rs 220 crore during the second quarter, which is a 53% YoY increase from Rs 144 core reported in the Q2FY24. The EBITDA margin stood at 16.1% compared to 12.3% in the same quarter of the previous fiscal year.

The company has also declared an interim dividend of Rs 1.50 per share for FY23.

On 20 October, they completed acquiring an 80% stake in Gem Paints Private Limited. In contrast, the remaining 20% stake will be acquired by the company over a period of 5 years, according to the purchase agreement between the parties.

At 12:10 am, the shares of Astral were trading 2.55% above at Rs 1,827.35 on NSE.