Asian Granito India Ltd reports Consolidate Net Profit of Rs.91.8 crore, Cons. Net Sales of Rs.1563.8 crore in FY 22

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  • Company recommends 7.00% dividend, Rs. 0.70 per share for FY 22;
  • Led by volume growth and higher realization, company reported its highest ever Yearly Sales, EBITDA and Net Profit for the FY ended 31stMarch 2022
FY22 Results Highlights:– (Consolidated)

·         Net Profit Reports Y-o-Y growth of 60.5% to Rs.91.8 crore;

·         Net Sales reports Y-o-Y growth of 21% to Rs.1563.8 crore;

Business Highlights:-

·         Exports for FY22 at Rs.204.9 crore.

·         Company’s rights issue of Rs.440.96 crore achieved successful closure with 127% subscription. Received bids for over 8.89 crore shares (Rs. 561 crore) against 6.99 crore shares

·         Completed land acquisition for three upcoming greenfield manufacturing plant in Morbi, Gujarat

·         Company expect to generate peak sales of around Rs.700 crore per annum from the three plants and contribution of around Rs.500 crore of revenue from the showroom.

Ahmedabad, May 27, 2022: Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country has reported an excellent financial performance in FY22. Led by healthy volume growth and better realisation, company reported its highest ever Yearly Sales, EBITDA and Net Profit for the FY ended March 2022. Company has achieved a successful closure of Rights issue of Rs. 440.96 crore to fund expansion in value added luxury surfaces and bathware segment including GVT tiles, Sanitaryware and SPC flooring etc. Company has recommended a dividend of 7%, Rs. 0.70 per share on the face value of Rs. 10 per share for the FY 2021-22.

For FY22, company has reported net sales of Rs.1563.8 crore, higher by 21% over previous fiscal’s same period net sales of Rs.1292.3 crore. EBITDA for Year ended March 2022 was reported at Rs.124.6 crore (EBITDA Margin at 8%). Net Profit for the FY2022 stood at Rs.91.8 crore (PAT Margin 5.9%) as compared to net profit of Rs.57.2 crore (PAT Margin 4.4%). Exports for FY22 was reported at Rs.204.9 crore.

Financial Highlights (Consolidated)

FY2021

FY2022

Y-o-Y

Net Sales (INR Cr)

1292.3

1563.8

21.0%

EBITDA (INR Cr)

136.0

124.6

-8.3%

EBITDA Margin (%)

10.5%

8.0%

-255 bps

Net Profit (INR Cr)

57.2

91.8

60.5%

PAT Margin (%)

4.4%

5.9%

144 bps

Commenting on the results and performance, Mr. Kamlesh Patel, Chairman and Managing Director said, “Led by healthy volume growth and better realization, company reported its highest ever Yearly Sales and Net Profit for the FY ended March 2022. Thanks to the efficient product mix and strategy to pass the escalated costs, company was able strengthen its market share and presence in the domestic and global markets. Ceramic industry has faced extraordinary pressure on inputs costs in FY22 i.e. gas prices, raw material, coal prices and international freight costs, etc., Inspite of the challenges, company has continued to process on the growth path and reported good numbers for the Q4 as well as full year of FY22. As goal to achieve company have become debt free at standalone level now moving towards next aim to become debt free on consolidated level.”

Mr. Patel added, “Again want to express my gratitude and sincere thanks to our dear and esteemed shareholders and investors for their support and participation in the Rights Issue. We are delighted and humbled by their extraordinary show of confidence in the future of AGL. Our Industry is witnessing tremendous growth in both domestic and exports markets and has grown at the highest pace globally in past five years, thanks to the growing demand for the value added surfaces and bathware, favourable government initiatives and policies and big push to housing and infra. Company’s Enhanced Strategic Integration Programme (ESIP) is targeted to expand the margins and place the Company further up in the league table of Luxury Surfaces and Bathware Solutions Players and this Rights Issue is a Mega Step towards the vision to achieve Rs. 6,000 crore in topline in medium to long term.”

Financial Highlights (Standalone)

FY2021

FY2022

Y-o-Y

Net Sales (INR Cr)

1036.2

1349.1

30.2%

EBITDA (INR Cr)

97.6

87.5

-10.4%

EBITDA Margin (%)

9.4%

6.5%

-294 bps

Net Profit (INR Cr)

49.4

87.9

77.8%

PAT Margin (%)

4.8%

6.5%

174 bps

Achieves Successful closure of the largest Rights Issue by an Indian Ceramic Company:

Rights issue of Asian Granito India Ltdreceived overwhelming response from the shareholders and investors despite challenging times and achieved successful closure of the largest rights issue by an Indian ceramic company. Company’s rights issue of Rs.440.96 crore achieved 127% subscription and received bids for over 8.89 crore shares (Rs.561 crore) against 6.99 crore shares on offer. The proceeds of the rights issue shall be utilized towards the capex for the New Projects, additional working capital and general corporate purposes etc.The Promoter & Promoter Group shareholders of AGL had participated in the Rights Issue for their full entitlement of 28.99% shareholding in the Company. Post completion of the Rights Issue, total outstanding equity shares of the Company would increase to 12,67,45,316 from 5,67,51,634 equity shares as on March 31, 2022.

Completes Land Acquisition for its Three New Greenfield Manufacturing Plants in Morbi: Company plans to set up three state-of-the-art manufacturing facilities at Morbi, Gujarat in Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring. The Company is also setting up one of the India’s largest Display Centre at Morbi. Company has completed land acquisition and necessary due diligence including land payment, registration and stamp duty fees for setting up plants under Future Ceramics Pvt Ltd, AGL Sanitaryware and AGL Surfaces Pvt Ltd. Civil & engineering works at the sites will begin very soon. AGL is expected to strengthen its leadership position and expected to generated peak sales of Rs.700 crore per annum from the three plants and contribute Rs.500 crore of revenue from display centres.

Corporate Comm India (CCI Newswire)