Asian Granito India Limited (AGIL), manufacturer of one of India’s leading tiles brand has reported an excellent financial performance in the second quarter ended September 2020. Company reported consolidated EBITDA of Rs41.8cr on consolidated sales of Rs344.3cr during the Q2FY21 ended September 2020.
The company said in a regulatory filing on Thursday that 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 Rs344.3cr, lower by 3.5% over previous fiscal’s same period net sales of Rs356.9cr. Company reported net profit of Rs19.8cr during the second quarter for financial year 2020-21. PAT rose by whooping 57.2% compared to Rs12.6cr in Q2FY20. Consolidated EBITDA for the quarter ended September 2020 was reported Rs41.8cr.
The compamy reported net sales of Rs473.7cr for the half year ended September 2020, lower by 29.2% over previous fiscal’s same period net sales of Rs668.9cr. EBITDA for H1FY21 ended September 2020 was reported at Rs45.8cr (EBITDA Margin at 9.7%) as compared to Rs65.4cr (EBITDA Margin at 9.7%) in the corresponding period last year. Net Profit for the H1FY21 stood at Rs12.3cr (PAT Margin 2.6%) as compared to net profit of Rs23.8cr (PAT Margin 3.6%).
“As the second quarter of the Financial Year 2020-21 has concluded, we are happy to announce that the Company’s performance has become similar to pre-Covid times. This has been possible by facing the challenges, drawing effective strategies and marching with determination. 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,” Kamlesh Patel, Chairman and Managing Director, said.
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. It will house the complete range of sanitaryware, bathware and tiles, in all designs and sizes, for our trade partners. This initiative will help the company expand its network to more than 120 countries, leading to a better brand presence and widened outreach.
At around 3.22 pm, Asian Granito India was trading at Rs288 per piece up by Rs3.65 or 1.28% from its previous closing of Rs284.35 per piece on the BSE.