Asian Granito Sees Strong Traction in Demand
Asian Granito India Limited (AGIL has reported an excellent financial performance in the second quarter ended September 2020. Company reported consolidated EBITDA of Rs. 41.8 crore on consolidated sales of Rs. 344.3 crore during the Q2FY21 ended September 2020. During the quarter, tiles division has seen strong traction in demand from domestic as well as from the export market resulting in strong revenue growth. Consolidated Net sales for the quarter ended September 2020 was reported at Rs. 344.3 crore, lower by 3.5% over previous fiscal’s same period net sales of Rs. 356.9 crore. Consolidated EBITDA for the quarter ended September 2020 was reported Rs. 41.8 crore. Company reported net profit of Rs. 19.8 crore during the second quarter for financial year 2020-21. Kamlesh Patel, Chairman and Managing Director said, "The Indian ceramic industry has benefitted from the rising demands of global players. As a result, the large players have improved the working capacity of their plants by a huge margin. Further advantages for the domestic industry have been the reduced gas prices and the anti-China sentiments. With an impressive performance in various sections of the market, we are looking forward to consistent growth in the coming quarters of FY21. Further to strengthen international business and boost exports, company has launched 15,000 sq ft 'AGL Export House' at Morbi - India's hub for ceramic tiles sanitaryware. This will be crucial to the Company’s vision of improved international operations.”