Asian Granito India net profit up by 183% at INR 12.61 crore

Asian Granito India Q2 report

Exports for quarter stood at INR 52 crore, up 79% YoY

Asian Granito India Limited (AGIL), one of India’s leading tiles brand has reported an excellent financial performance in second quarter (July-September). On 20% sales growth in domestic market, 80% rise in exports and 179 bps improvement in EBITDA margin, AGIL has reported 183% rise in net profit at Rs. 12.61 crores for the quarter ended September 2019 as against net profit of Rs. 4.45 crores in the corresponding period of previous fiscal.

Highlights:

• Net Sales for Quarter at Rs. 356.90 crores, Up 26.3% YoY
• Exports for Quarter at Rs. 52 crores, Up 79% YoY

As a result of expansion in geographical reach in domestic markets, relentless focus on exports and sustained marketing, the Net sales for the quarter ended September 2019 at Rs. 356.90 crore was higher by 26.3% over previous fiscal’s same period net sales of Rs. 282.52 crore. EBITDA for the quarter ended September 2019 was reported at Rs. 29.16 crore (EBITDA Margin at 8.17%) as compared to Rs. 18.03 crore (EBITDA Margin at 6.38%) in the corresponding period last year. This is mainly because of improvement in average realization of our high margin products, efficient product mix, production efficiency and higher capacity utilization. The Earning EPS was at Rs. 4.23 per share for Q2FY20.

Commenting on the results and performance, Kamlesh Patel, Chairman and Managing Director said “It gives immense satisfaction for the Board of Directors to present the second quarter results for Financial Year 2020. The company’s performance during the quarter has been quite remarkable amidst the challenging economic scenario prevailing in the country. AGIL has started improvising and incorporating various measures along with cost-effective strategies to improve operational efficiency, ensuring focus on premium tiles segments, Marble & Quartz division and increasing our retail footprint across different regions.”

On exports and pricing environment during the quarter, Mr. Patel added. “We are witnessing good traction in overseas markets and our export business stands at 15% of total revenues in Q2FY20 vs. 10% in the same quarter FY 2019. We have witnessed a considerable jump in the export business in Q2FY20. Average price realization has improved by 15% during the quarter and capacity utilisation was at 75% in Q2FY20.”

The Promoter group shareholding was 34.10% as on 30th September 2019.