Asian Granito India Reports Net Profit of Rs. 8.28 Cr in Q1FY22

Asian Granito India Limited (AGIL), manufacturer of one of India’s leading tiles brand has reported an excellent financial performance in the first quarter ended June 2021. Company reported consolidated net profit of Rs. 8.28 crore in Q1FY22 as against loss of Rs. 7.5

BY Realty Plus
Published - Saturday, 07 Aug, 2021

Asian Granito India Reports Net Profit of Rs. 8.28 Cr in Q1FY22

Asian Granito India Limited (AGIL), manufacturer of one of India’s leading tiles brand has reported an excellent financial performance in the first quarter ended June 2021. Company reported consolidated net profit of Rs. 8.28 crore in Q1FY22 as against loss of Rs. 7.51 crore in corresponding period last year. Consolidated Net sales of the company reported growth of 111% to Rs. 273 crore in Q1FY22 as against net sales of Rs. 129.4 crore in Q1FY21. The Company reported consolidated EBITDA growth of 563% Y-o-Y to Rs. 25 crores whereas the EBITDA margins stood at 9.1%. The Company’s key to success was its impact in the overseas market, steps taken to enhance the operations, efficiency and better domestic market presence. During the quarter, the demand was impacted as a result of Covid-19 lockdown. Kamlesh Patel, Chairman and Managing Director, Asian Granito India Limited stated, “The performance for the quarter has been quite satisfactory. Our sales would have increased at a faster rate if we hadn't been impeded by the second wave of CoVID - 19 in May. In June, operations resumed normally, with total demand increasing significantly. As we continued to focus on value addition, the demand for our products across multiple markets solidified our success. The strong result is reflected by our topline growth of 111%. With the recent brownfield expansion at Crystal Ceramics, the firm hopes to further cut manufacturing costs by utilising low-cost natural gas. This will aid the Company in increasing revenues, cost reduction, and profitability. Demand has been strong from both urban and rural markets with the easing of restrictions. During the quarter, our export business grew significantly. Our average export price realizations were steady. The products are in high demand on the worldwide market, establishing our brand as dependable and value-oriented.”