Shares of Astral Ltd were trading in the red and 3% lower on 31 January despite the company reporting steady growth in its October-December quarter.

The PVC pipes and plastic products maker reported a 19% year-on-year growth in its net profit at Rs 113.3 crore for the quarter under review from Rs 95.2 crore reported in the same quarter last year.

The company revenue from operations stood at Rs 1,370.2 crore, marking an 8% YoY increase from Rs 1,267.8 crore reported in the same quarter of the previous fiscal year.

The EBITDA (earnings before interest, tax, depreciation, and amortisation) grew by 10% to Rs 205.1 crore during Q3FY24 from Rs 186.4 crore reported in Q3FY23. The EBITDA margins expanded to 15% during the quarter from 14.7% recorded in the corresponding period in the previous fiscal year.

As of 31 December 2023, the consolidated cash (including cash equivalents) and bank balances of the company stood at Rs 332.3 crore.

The company reported a 15% growth in its pipe business, whereas the adhesives and paints top-line grew 20% YoY. The company is focusing on building a network for its sanitaryware and faucet division since the arm is seeing constant pickup in sales.

At 11:55 pm, the shares of Astral were trading 3.04% lower at Rs 1,819.35 on NSE.