Astral Poly Technik is down in the red today, slipping almost 3% to Rs.634.25.

The reason is once again the performance for Q1FY18. An increased outgo of depreciation and a 2% decline in adhesives business led to the company ending the quarter with a 7% (YoY) drop in consolidated net profit at Rs.25 crore and this was on a 7% lower revenue at Rs.440 crore.

Its EBITDA was down 11% at Rs.48 crore while margins slipped from 13% to 11.9%.

The company is evolving into from being just a pipes manufacturer to a scalable building materials franchisee is obviously showing some pains; second half is usually much better.