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Results
18-May-24
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Analysis
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Astral
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Hyderabad plant will be operational by end of June 2024
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Consolidated
net sales (including other operating income) of Astral has increased 7.89% to
Rs 1625.1 crore. Sales of Plumbing
segment rose 9.05% to Rs 1,225.20 crore (accounting for 75.39% of total
sales). Sales of Paints and Adhesives
segment has gone up 4.49% to Rs 399.90 crore (accounting for 24.61% of total
sales).
Profit
before interest, tax and other unallocable items (PBIT) has slumped 8.86% to Rs
244.80 crore. PBIT of Plumssbing segment
fell 5.01% to Rs 210.40 crore (accounting for 85.95% of total PBIT). PBIT of Paints and Adhesives segment fell
26.96% to Rs 34.40 crore (accounting for 14.05% of total PBIT).
PBIT
margin of Plumbing segment fell from 19.72% to 17.17%. PBIT margin of Paints and Adhesives segment
fell from 12.31% to 8.60%. Overall PBIT
margin fell from 17.83% to 15.06%.
Operating
profit margin has declined from 20.51% to 17.94%, leading to 5.63% decline in
operating profit to Rs 291.50 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
59.43% to 58.07%. Purchase of finished
goods cost rose from 1.04% to 1.26%.
Employee cost increased from 5.89% to 7.51%. Other expenses rose from 12.51% to 14.82%.
Other
income rose 54.55% to Rs 10.2 crore.
PBIDT fell 4.37% to Rs 301.7 crore.
Provision for interest rose 136.36% to Rs 7.8 crore. Loan funds rose to Rs 119.40 crore as of 31
March 2024 from Rs 87.10 crore as of 31 March 2023. Inventories rose to Rs 913.40 crore as of 31
March 2024 from Rs 874.60 crore as of 31 March 2023. Sundry debtors were higher at Rs 375.80 crore
as of 31 March 2024 compared to Rs 354.50 crore as of 31 March 2023. Cash and bank balance declined from Rs 682.10
crore as of 31 March 2023 to Rs 609.60 crore as of 31 March 2024.
PBDT
fell 5.86% to Rs 293.9 crore. Provision
for depreciation rose 17.98% to Rs 52.5 crore.
Fixed assets increased to Rs 1,985.20 crore as of 31 March 2024 from Rs
1,764.10 crore as of 31 March 2023.
Intangible assets increased from Rs 312.50 crore to Rs 464.80
crore.
Profit
before tax down 9.82% to Rs 241.40 crore.
Share of profit/loss was 93.33% higher at Rs -0.1 crore. Provision for tax was expense of Rs 60 crore,
compared to Rs 65.4 crore. Effective tax
rate was 24.87% compared to 24.74%.
Net
profit attributable to owners of the company decreased 8.51% to Rs 181.60
crore. Equity capital stood at Rs 26.90
crore as of 31 March 2024 to Rs 26.90 crore as of 31 March 2023. Per share face Value remained same at Rs
1.00.
Promoters’
stake was 54.10% as of 31 March 2024 ,compared to 55.85% as of 31 March 2023.
Consolidated
cash (including cash equivalents) and bank balances as at March 31, 2024 is Rs.
6,09.5 crore.
During
the quarter, PVC/CPVC raw material price were stable hence margins were better
compared to Q3.
During
the quarter ended March 31, 2024 Bathware registered a sale of Rs. 24.2 crore.
The company has already crossed 1000 show rooms/dealers hence company is
expecting very good growth in Bathware Division in FY 25.
Company’s
Hyderabad plant will be operational by end of June 2024. The company is
expecting a very good growth from that region post commencement of plant.
Looking
to the excellent growth in Infra Vertical in FY 24, company has increased its
capacity by 4,054 tonne. If the growth momentum continues, it is planning to
further increase the capacity in near term. As the infra-Vertical is growing
very fast, the company is planning to enter in new product i.e., O-PVC and
company has already placed order of O-PVC machineries and expecting delivery by
October 2024.
Full year results
analysis
Net
sales (including other operating income) of Astral has increased 9.36% to Rs
5641.4 crore. Sales of Plumbing segment
rose 9.94% to Rs 4,142.00 crore (accounting for 73.42% of total sales). Sales of Paints and Adhesives segment has
gone up 7.79% to Rs 1,499.40 crore (accounting for 26.58% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 14.74% to Rs
745.00 crore. PBIT of Plumbing segment
rose 17.69% to Rs 605.40 crore (accounting for 81.26% of total PBIT). PBIT of Paints and Adhesives segment rose
3.48% to Rs 139.60 crore (accounting for 18.74% of total PBIT).
PBIT
margin of Plumbing segment rose from 13.65% to 14.62%. PBIT margin of Paints and Adhesives segment
fell from 9.70% to 9.31%. Overall PBIT
margin rose from 12.59% to 13.21%.
Operating
profit margin has jumped from 15.70% to 16.28%, leading to 13.38% rise in
operating profit to Rs 918.30 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
65.33% to 60.72%. Purchase of finished
goods cost rose from 1.17% to 1.18%.
Employee cost increased from 6.20% to 7.65%. Other expenses rose from 11.55% to
14.42%.
Other
income rose 57.68% to Rs 42.1 crore.
PBIDT rose 14.80% to Rs 960.4 crore.
Provision for interest fell 27.25% to Rs 29.1 crore. Loan funds rose to Rs 119.40 crore as of 31
March 2024 from Rs 87.10 crore as of 31 March 2023. Inventories rose to Rs 913.40 crore as of 31
March 2024 from Rs 874.60 crore as of 31 March 2023. Sundry debtors were higher at Rs 375.80 crore
as of 31 March 2024 compared to Rs 354.50 crore as of 31 March 2023. Cash and bank balance declined from Rs 682.10
crore as of 31 March 2023 to Rs 609.60 crore as of 31 March 2024.
PBDT
rose 16.91% to Rs 931.3 crore. Provision
for depreciation rose 10.95% to Rs 197.6 crore.
Fixed assets increased to Rs 1,985.20 crore as of 31 March 2024 from Rs
1,764.10 crore as of 31 March 2023.
Intangible assets increased from Rs 312.50 crore to Rs 464.80
crore.
Profit
before tax grew 18.63% to Rs 733.70 crore.
Share of profit/loss was 93.33% higher at Rs -0.1 crore. Provision for tax was expense of Rs 188
crore, compared to Rs 155.7 crore.
Effective tax rate was 25.63% compared to 25.31%.
Net
profit attributable to owners of the company increased 23.11% to Rs 546.10
crore.
Equity
capital stood at Rs 26.90 crore as of 31 March 2024 to Rs 26.90 crore as of 31
March 2023. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 54.10% as of 31 March 2024 ,compared to 55.85% as of 31 March 2023
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Cash
flow from operating activities increased to Rs 823.40 crore for year ended
March 2024 from Rs 556.90 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 553.90 crore, compared to Rs 311.00
crore during the year ended March 2023.
The
scrip trades at Rs 2193
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Astral : Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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1,625.10
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1,506.20
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8
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5,641.40
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5,158.50
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9
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OPM (%)
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17.9
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20.5
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16.3
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15.7
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OP
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291.5
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308.9
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-6
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918.3
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809.9
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13
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Other Inc.
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10.2
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6.6
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55
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42.1
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26.7
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58
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PBIDT
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301.7
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315.5
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-4
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960.4
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836.6
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15
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Interest
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7.8
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3.3
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136
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29.1
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40
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-27
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PBDT
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293.9
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312.2
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-6
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931.3
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796.6
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17
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Depreciation
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52.5
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44.5
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18
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197.6
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178.1
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11
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PBT
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241.4
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267.7
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-10
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733.7
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618.5
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19
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Share of Profit/(Loss) from Associates
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-0.1
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-1.5
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93
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-0.1
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-1.5
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93
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PBT before EO
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241.3
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266.2
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-9
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733.6
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617
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19
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EO Income
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0
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-1.8
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-
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0
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-1.8
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-
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PBT after EO
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241.3
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264.4
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-9
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733.6
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615.2
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19
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Taxation
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60
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65.4
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-8
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188
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155.7
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21
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PAT
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181.3
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199
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-9
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545.6
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459.5
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19
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Minority Interest (MI)
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-0.3
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0.5
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LP
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-0.5
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15.9
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LP
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Net profit
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181.6
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198.5
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-9
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546.1
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443.6
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23
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EPS (Rs)*
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#
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#
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20.3
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16.6
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Notes
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* EPS is on current equity of Rs 26.86 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Astral : Consolidated Segment Results
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% of (Total)
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2403 (03)
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2303 (03)
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Var.(%)
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% of (Total)
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2403 (12)
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2303 (12)
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Var.(%)
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Sales
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Plumbing
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75
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1,225.20
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1,123.50
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9
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73
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4,142.00
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3,767.50
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10
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Paints and Adhesives
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25
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399.9
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382.7
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4
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27
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1,499.40
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1,391.00
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8
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Total Reported Sales
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100
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1,625.10
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1,506.20
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8
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100
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5,641.40
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5,158.50
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9
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Less: Inter segment revenues
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0
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0
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-
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0
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0
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-
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Net Sales
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100
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1,625.10
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1,506.20
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8
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100
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5,641.40
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5,158.50
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9
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PBIT
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Plumbing
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86
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210.4
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221.5
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-5
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81
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605.4
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514.4
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18
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Paints and Adhesives
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14
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34.4
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47.1
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-27
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19
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139.6
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134.9
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3
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Total PBIT
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100
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244.8
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268.6
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-9
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100
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745
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649.3
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15
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Less : Interest
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7.8
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3.3
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136
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29.1
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40
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-27
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Add: Other un-allcoable
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4.4
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2.4
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83
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17.8
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9.2
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93
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PBT
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100
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241.4
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267.7
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-10
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100
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733.7
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618.5
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19
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