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Asian Granito India Ltd reports PAT of Rs.11.1 crore, up 29% in Q1 FY 2017-18

Sunday, August 13, 2017, 10:00 Hrs  [IST]
By HBI Staff | New Delhi

Asian Granito India Limited (AGIL), a tiles company has reported a 29% rise in consolidated net profit at Rs.11.1 crore for the quarter ended June 2017 as against net profit of Rs.8.7 crore in the corresponding period of previous fiscal. Consolidated net sales for the quarter ended June 2017 at Rs.225.7 crore were higher by 7% over previous fiscal’s same period net sales of Rs.211.8 crore. EBITDA margin on net revenue for Q1 FY 2017-18 stood at 13% and EPS was at Rs. 3.68 per share.

Company added 46 new showrooms at Goa, Pune, Kolkata, Ahmedabad among others during the quarter and is on the path of aggressive retail expansion plans. AGIL was honoured by Fortune India as one of The Next Fortune 500 companies in its ranking for the year 2017 recently. Company was honoured with the award from Fortune India as one of the Top Wealth Creators over the last 3 years. During the quarter company announced the launch of its new product range 'Rainbow Glitz' Decorative Wall tiles in size of 300x900 mm, 300x600 mm, Polished Porcelain Tiles 600x600mm and Elevation Tiles 300x450mm, with all new Digital Technology and High-End Finishing.

Commenting on company’s financial performance, Kamlesh Patel, Chairman and Managing Director, AGIL said, “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. We also wish to inform that our associate company Astron Paper & Board Mill Ltd has filled a DRHP on 20th June, 2017 for proposed public offering of 1.40 crore equity shares of Rs. 10/-. AGIL currently holds 87.75 lakh shares amounting to 27%of total share capital.”

“We wish to sustain our efforts on our quality and commitment level across the board and build a brand that would be synonymous with the consistent quality and timeliness of delivery. We have a vision to be among top 3 tiles companies and reach revenue of Rs. 2000 crore by year 2020,” he added.

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