Asian Granito reports 29% YoY rise in Q1 net profit to Rs. 11.1 crore

The consolidated net profit of the Asian Granito India, a tiles firm, has surged 29% at Rs.11.1 crore for the quarter ended June, against Rs.8.7 crore in the same period last year. The company’s net sales were recorded at Rs.225.7 crore for the quarter ended June, against Rs 211.8 crore in the same period last year, registering a 7% rise. Kamlesh Patel, chairman and managing director, Asian Granito India feels overall performance during the quarter was good inspite of rollout of GST. "This revolutionary taxation system will be a game changer for India and will help the organised players to gain more market share from unorganised one," he said. The company also informed its associate company Astron Paper & Board Mill has filled a DRHP on June 20 this year for proposed public offering of 1.40 crore equity shares. Asian Granito India holds 87.75 lakh shares amounting to 27% of total share capital at present.