Asian Granito India Posted Net Profit Of INR 54 crore In Q2 FY22
In-spite pressure in input costs, Asian Granito India Ltd continues to report consistent financial performance in the second quarter and Half Year ended September 2021. Consolidated net profit for the quarter was reported at Rs. 53.8 crore in Q2FY22 as against net profit of Rs. 19.8 crore in Q2FY21, growth of 171%. 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. Chairman and Managing Director, Kamlesh Patel, said, “We are well-pleased with our performance for the quarter. Our topline growth of 9% indicates our thriving achievement in business. We have been observing strong pull from urban as well as rural markets post lockdowns. During the quarter, there have been significant increases in our export business. To meet the ever-growing demands for AGL branded products, the company is gearing up for massive expansion through its material subsidiaries." A new company, named “Gresart Ceramica Private Limited” has been incorporated on 26.10.2021 in Morbi, Rajkot wherein Amazoone Ceramics Limited (material subsidiary of Asian Granito India Ltd. with a shareholding of 95.32%) has subscribed to 5,800 shares owning 58% stake in the Company. Gresart Ceramica Private Limited proposes to set up India’s largest Wall Tile Plant which will be fully integrated manufacturing unit for production of wall tiles in Morbi, Rajkot and the products manufactured will be sold under the AGL brand. Currently, the project is in the formation stage and estimated amount of capex shall be around Rs. 75 crore.
Tags : ALLIED Net Profit growth Asian Granito India Expansion Morbi domestic market Gresart Ceramica Amazoone Ceramics Wall Tile