Asian Granito India Limited (AGIL), one of India’s leading tiles brand has reported a 91% rise in net profit at Rs11.2cr for the quarter ended June 2019 as against a net profit of Rs5.9cr in the corresponding period of previous fiscal.
The company’s net sales for the quarter ended June 2019 at Rs312cr were higher by 31% over the previous fiscal’s same period net sales of Rs238.7cr.
EBITDA for the quarter ended June 2019 was reported at Rs34.3cr (EBITDA margin at 11%) as compared to Rs20.5cr (EBITDA margin at 8.6%) in the corresponding period last year. EPS was at Rs3.75 per share for the Q1FY20.
The company also inaugurated its Largest – 25,000 sq feet tiles and Sanitaryware display showroom in Himmatnagar and received orders worth Rs175cr in the dealer meet organised during June 16 – July 2. Promoter Group holds 34.11% as on June 2019 as compared to 33.12% in March 2019.
The company looks to strengthen its identity as the leader in the Indian ceramic industry by consistently introducing innovative and value-added products in the market to keep pace with its valued customers. To leverage the synergies, the company has entered in sanitaryware to provide ‘Complete Bathroom Solutions’ under brand AGL. Company has launched 160 SKUs in Sanitaryware including Wash Basins, Water Closets (WC), Urinals, etc and will expand the product range gradually. Company has set a target to increase its touchpoints to over 10,000, expand the network of exclusive showrooms to 500 and achieve revenue target of Rs2,000cr in the next couple of years.
Kamlesh Patel, Chairman and Managing Director said, “We are pleased with the company’s performance during the quarter. Company’s efforts on improving operational and cost efficiency, focus on premium tiles products, Quartz and Marbles and increasing our retail presence and exports have started to show positive results. We have witnessed a considerable jump in the export business in Q1FY20. Exports business stands at 27% of the total sales while domestic at 73% in Q1FY20. Average price realisation has improved by 5% during the quarter and capacity utilisation has increased to 75% in Q1FY20 from 65% in Q1FY19 contributed to the spectacular performance. Post NGT order we feel the worst is over for the industry in terms of pricing pressure and we expect to see a gradual recovery in terms of volume and value.”
Asian Granito India Ltd is currently trading at Rs218.20, up by Rs5.5 or 2.59% from its previous closing of Rs212.70 on the BSE.