Astral Poly has fallen over 6% today at Rs.378 levels, before going down to Rs.376 levels.

The stock has plunged today as it turns ex-split from today. The company today morning is subdividing its equity shares from a face value of Rs.2/share to Re.1/share. That explains why the stock which was traded yesterday at Rs.805, is today at half the level, with prices adjusting to new face value. This now means that all those who buy the stock today, will not get the stock-split advantage.

Fundamentally, this company has literally risen like a phoenix from the ashes. From being almost on the verge of bankruptcy in 2003, re-building brick-by-brick, the company has today risen to become India’s largest plumbing and drainage pipe maker. The company, which today enjoys a strong brand presence has posted a set of mixed numbers for Q1FY15. On a 25% (YoY) rise in net sales at Rs.270 crore, the company posted a 5% increase in net profit at Rs.20 crore. Noteworthy is the fact that this rise was despite its tax outgo for the quarter more than doubling from Rs.4 crore to Rs.9 crore. Sequentially, the performance is not too good as net profit is down 28% and this was despite tax outgo in Q4 being much higher at Rs.13 crore.

Its equity as at 30^th June 2014 stood at Rs.11.24 crore and reserves stood at Rs.302 crore. EPS for the quarter is at Rs.3.64 (Fv at Rs.2/share). Promoter holding in the company is at 63.82% and FIIs have a substantial stake at 16.03% of which HSBC Bank holds 9.93%.