Asian Granito India Ltd Reports Net Profit of Rs. 53.8 crore in Q2FY22


Net sales during Q2FY22 was reported at Rs 375.7 Crore, growth of 9% 
November 2021: In-spite pressure in input costs, Asian Granito India Ltd continues to report consistent financial performance in second quarter and Half Year ended September 2021 company. Consolidated net profit for the quarter was reported at Rs. 53.8 crore in Q2FY22 as against net profit of Rs. 19.8 crore in Q2FY21, growth of 171%. Profit includes Rs. 38.01 crore from sales of investment in Astron Paper Board Mill Ltd. Consolidated Net sales in Q2FY22 was reported at Rs. 375.76 crore growth of 9% Y-o-Y as against Rs. 344.3 crore in Q2FY21. Company reported consolidated EBITDA of Rs. 33.48 crore in Q2FY22 with EBITDA margin of 8.9%. 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. 

Chairman and Managing Director, Mr. Kamlesh Patel, said, “We are well-pleased with our performance for the quarter. Our topline growth of 9% indicates our thriving achievement in business. Now, that economy is gradually but steadily regaining normalcy, strong spikes in demand have been witnessed which eventually led to increase in overall business and hence overall profits. We have unwavering focus on value addition which is one of the major contributors to success of our products across the markets. We have been observing strong pull from urban as well as rural markets post lockdowns. During the quarter, there have been significant increases in our export business. To meet the ever-growing demands for AGL branded products, the company is gearing up for massive expansion through its material subsidiaries." 

A new company, named “Gresart Ceramica Private Limited” has been incorporated on 26.10.2021 in Morbi, Rajkot wherein Amazoone Ceramics Limited (material subsidiary of Asian Granito India Ltd. with a shareholding of 95.32%) has subscribed to 5,800 shares owning 58% stake in the Company. Gresart Ceramica Private Limited proposes to set up India’s largest Wall Tile Plant which will be fully integrated manufacturing unit for production of wall tiles in Morbi, Rajkot and the products manufactured will be sold under the AGL brand. Currently, the project is in the formation stage and estimated amount of capex shall be around Rs. 75 crore.

A New Firm in the name of M/s. Adicon Ceramica LLP, a Greenfield project, has been incorporated on 07.05.2021 in Morbi, Rajkot and our Company has entered into an outsourcing agreement on 20th August, 2021 for supply for the manufactured products by Adicon to AGL. Adicon Ceramica LLP will be manufacturing large format GVT tiles and AGL will be promoting that product under AGL brand on a substantial scale. This plant is anticipated to be one of the unique plants in India, which will manufacture product which can generate heavy demand in the market. There are only few plants of similar type of products in Morbi, Gujarat and the production is expected to begin from July 2022.

ICRA upgraded long-term rating of company to ICRA A+ with a stable outlook for Fund based - long-term borrowing as against ICRA A factoring expected improvement in the credit profile, following the fund raising of Rs. 225 crore through rights issue, divestment of its stake in Astron Paper and Board Mill Ltd. for Rs. 47 crore, will help company to substantially reduce the overall consolidated debt levels and support the liquidity position of the group.

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