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Asian Granito India Ltd Reports 138% Rise in Net Profit in Q3FY20

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Asian Granito India Limited (AGIL), manufacturer of one of India’s leading tiles brand has reported an excellent financial performance in third quarter (October-December). On 81% rise in exports and 317 bps improvement in EBITDA margin, AGIL has reported 138% rise in net profit at Rs. 11.05 crores for the quarter ended December 2019 as against net profit of 4.64 crores in the corresponding period of previous fiscal.

Financial Highlights (Consolidated)

Q3 FY20Q3 FY19Y-O-Y 9MFY209MFY19Y-O-Y
Net Sales (Rs. Cr)297.86296.201%966.80817.4518%
EBITDA (Rs. Cr)33.5323.9640%97.0162.4555%
EBITDA Margin (%)11.268.09317 bps10.007.65235 bps
Net Profit (Rs. Cr)11.054.64138%34.8615.09131%
PAT Margin (%)3.711.57214 bps3.611.85176 bps
Earnings per share (Rs.)3.701.54140%11.685.02133%

 

Net sales for the quarter ended December 2019 at Rs. 297.86 crores was higher by 1% over previous fiscal’s same period net sales of Rs. 296.22 crores. The revenues increased marginally owing to a slow demand in the industry and anti-dumping imposed on quartz products. EBITDA for the quarter ended December 2019 was reported at Rs. 33.53 crores (EBITDA Margin at 11.26%) as compared to Rs. 23.96 crores ((EBITDA Margin at 8.09%) in the corresponding period last year. This is mainly because of stable average realization of our high margin products, efficient product mix in tiles segment, production efficiency, cost reduction and higher capacity utilization. The Earning EPS was at Rs. 3.70 per share for Q3FY20.

Commenting on the results and performance, Mr. Kamlesh Patel, Chairman and Managing Director said, “It gives immense satisfaction for the Board of Directors to present the third quarter results for Financial Year 2020. The company’s performance during the quarter has been phenomenal amidst the challenging economic scenario prevailing in the industry. AGIL continues to improve its operational efficiency, ensuring focus on premium product segments and Marble & Quartz division. In addition, the company looks to cater to government projects and key accounts which has seen an upside in the last few quarters. Our overall capacity utilization for the quarter is at 89%.

 

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