Tile major Asian Granito India Ltd (AGIL) reported 57.2% year-on-year (YoY) growth in consolidated net profit at Rs 19.8 crore in the September 2020 quarter. The company’s tiles division registered revenue growth of 15% YoY, and its bathware division witnessed “strong” demand, the company said in a press release.
AGIL’s exports were at Rs 52.3 crore. It recently inaugurated 15,000 sft AGL Export House at Morbi in Gujarat to boost exports.
However, the company recorded consolidated net sales of Rs 344.3 crore for the quarter ended September 2020, lower by 3.5% over previous fiscal’s same period net sales of Rs 356.9 crore. It also reported EBITDA of Rs 41.8 crore for the quarter ended September 2020.
“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 company’s chairman and managing director Kamlesh Patel (Right in photo) said in a press release.
“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 reduced gas prices and anti-China sentiments. With an impressive performance in various sections of the market, we are looking forward to the consistent growth in the coming quarters of FY21,” Patel added.