Q1 2025: Asian Granito India posts profit of Rs 3.5 Mn

08 Aug 2024 CW Team

Asian Granito India has reported a net consolidated profit after tax of Rs 3.5 million for the quarter ending June 30, 2024. Kamlesh Patel, the chairman and managing director of the company, stated that the company has begun the financial year with improved operational and financial performance in Q1 FY25. He mentioned that the company aims to achieve total revenue of Rs 60 billion, driven by a visionary long-term strategy.

The board of directors has approved the management's proposal to enter the market of GCC countries by incorporating a wholly-owned subsidiary or foreign subsidiary in Sharjah or Dubai, with the objective of undertaking trading activities related to ceramic and porcelain tiles.

Furthermore, the board considered and approved the disinvestment of up to 49% of the company's stake in Harmony Surfaces Marbles Trading LLC, a Sharjah-based wholly-owned subsidiary, by selling or transferring shares to one or more proposed investors. The consolidated net sales for the first quarter of FY24-25 showed a growth of 3%, reaching Rs 3.43 billion compared to Rs 3.34 billion in Q1 FY23-24.

The company has completed its expansion plans by establishing manufacturing units under Future Ceramic and AGL Sanitaryware. Additionally, on July 4, 2024, the board approved a proposal to increase the authorised capital of the company from Rs 1.5 billion. In June 2024, the company incorporated a subsidiary, AGL Stones LLP, with the objective of carrying out trading activities in various types of tiles, primarily large slab tiles and quartz slabs, specifically focusing on exports to the USA market. Asian Granito India holds a 51% stake in this venture.

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