Asian Granito plans Rs 400 cr business exports in 2021

21 Sep 2021 CW Team

Home decor company Asian Granito Limited (AGL) has planned business exports of Rs 400 crore in FY22 and to grow its business network in 120 countries.

The company consolidated exports sales of Rs 216 crore with its business network in 100 countries in FY20-21.

It said anti-China opinions, lower duties on exports to the US, robust exports from Europe, UK and the Middle East, and the US driving Indian exports.

Chairman and Managing Director of AGL, Kamlesh Patel, told the media that despite the Covid-19 pandemic, the demand from the international market continued.

He said that exports in the last three months increased considerably and continue to increase due to the ongoing dispute between the US and China. The large players in the industry are working with 80% to 85% capacity because of robust export demand.

Across the world, India stands in the second position and produces about 13% of global ceramic tiles. With the increased duties on Chinese products, Indian tile productions are more competitive globally.

The United States imposed up to 356% anti-dumping duty and 358.8% anti-subsidy duties on Chinese ceramic tile products.

AGL witnessed a profit of Rs 57 crore in FY21, with 36% year-on-year growth. The company's net sales witnessed Rs 1,292 crore, with 6% growth, and the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was Rs 136 crore with a 16% increase.

Recently, it announced a rights issue of Rs 224.65 crore to repay and prepay the dues, meeting the requirements of the working capital for business and general corporate objectives.

The rights issue was offered at Rs 100 apiece, along with a 40% discount to the current price of the share of Rs 166 apiece on 3th September 2021, and it will close on 7th October 2021.

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