New Delhi: 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.
Financial Highlights (Consolidated)
|Q1 FY21||Q1 FY22||Y-O-Y||FY2020||FY2021||Y-O-Y|
|Net Sales (Rs. Cr)||129.40||272.98||111%||1,224.5||1,292.30||6%|
|EBITDA (Rs. Cr)||3.76||24.94||563 %||117.70||135.95||16%|
|EBITDA Margin (%)||2.9||9.1||623 bps||9.6||10.5||91 bps|
|Net Profit (Rs. Cr)||-7.51||8.28||210%||41.99||57.23||36%|
|Net Profit Margin (%)||-5.8||3.0||883 bps||3.4||4.4||100 bps|
The Chairman and Managing Director, Mr. Kamlesh Patel, provided his remarks on the Company’s performance, “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.
Mr. Patel continued, “The company has been on the forefront of introducing newer and innovative products across different categories. We believe that maintaining brand recognition via targeted and consistent branding and marketing activities is critical to our capacity to generate sales volumes and revenues, expand into new markets and product categories, and grow our existing market share. It is important for us to capitalize on our strengths and capabilities. Focusing on business efficiency and the macro economic environment will helps us connect the dots for emerging trends. Asian Granito India Ltd offers the most comprehensive selection of tiles and bathroom fixtures, including ceramic floor, vitrified, digital wall, porcelain, parking, natural marble, Quartz, and more. The Company has brought CP Fittings and Faucets to the sanitary sector with the goal of offering a healthy bathing solution.We are excited about our volume increase and the amazing operating leverage as we move forward. The reopening of urban regions will provide us with new avenues for market penetration.