Asian Granito India Ltd reports PAT of Rs. 9.34 crore, up 33% in Q3 FY 2016-17

Posted by: at 1/25/2017 03:18:00 am


Financial Highlights (Consolidated)

(Rs. In Crores except EPS)


Q3
9 Months
FY 2016-17
FY 2015-16
Growth
FY 2016-17
FY 2015-16
Growth
Net Sales
(in Rs. cr)
245.66
235.58
4.25%
721.31
682.55
5.67%
Net Profit (in Rs. cr)
9.34
7.00
33.42%
25.24
16.11
56.67%
EPS
(in Rs.)
3.1
3.1

8.39
7.13

           
January 25, 2017: Asian Granito India Limited (AGIL), one of India’s largest tiles companies has reported a 33% rise in net profit at Rs. 9.34 crore for the Q3 ended December 2016 as against net profit of Rs. 7 crore in the corresponding quarter of previous fiscal 2015-16. Net sales for Q3 of FY 2016-17 at Rs. 245.66 crore were higher by 4.25% over previous fiscal’s same quarter net sales of Rs. 235.58 crore. EBITDA margin on gross revenue for Q3 FY 2016-17 stood at 13.6% and EPS was at Rs. 3.10 per share.

Mr. Kamlesh Patel, CMD, Asian Granito India
Mr. Kamlesh Patel, CMD, Asian Granito India

For the nine months ended December 2016, the company reported a net profit of Rs. 25.24 crore as against a net profit of Rs. 16.11 crore in the corresponding period last year, a 56.67% growth. Net sales in nine months of FY 2016-17 at Rs. 721.31 crore were higher by 5.67% compared to Rs. 682.55 crore in the corresponding period last year. EBITDA margin on gross revenue for nine months of FY 2016-17 stood at 12.4% and EPS was at Rs. 8.39 per share.

ICRA Ltd has upgraded the long-term rating from ICRA A- to ICRA A with a stable outlook and the short term rating from ICRA A2+  to ICRA A1 for Rs. 312 crores lines of credit of Asian Granito India Limited.

Mr. Kamlesh Patel, Chairman and Managing Director, AGIL said, “Overall the quarter was good for the company in this tough time and was able to better its market position. Demonetised had triggered slowdown in the industry and halved supply from India’s biggest tiles cluster - Morbi. Many units in Morbi faced temporary shutdown while many other operated at below capacity. AGIL was quick to capitalise on the opportunity and was able to meet the industry demand. This helped company to garner additional market share and better its profit margins.

We also 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. A disciplined approach in line with the long term strategy would enable us to further cement our position in the industry.”

The Indian Tile industry is estimated at Rs. 26,000 crores in FY 16 and is expected to grow at a CAGR of 13%. India’s low per capita tiles consumption of 0.5 sq mtr versus global average of 1.4 sq mtr, Rising urbanisation, growing disposable income, potential in the rural market and export market offers great potential for the industry. Government initiatives such as Make in India, The Smart Cities Mission, Housing for all, and The Swachh Bharat Abhiyan will give further boost to the industry. GST will also help to have a better trend for all branded segments and help to gain better market share. 
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