Asian Granito reports growth of 126% in Q3
Asian Granito India Limited (AGIL), a tiles manufacturer, has reported a net profit of Rs 24.9 crore during Q3FY21, growth of 126% as compared to a net profit of Rs 11 crore in the corresponding period last year.
Consolidated net sales for the quarter ended December 2020 was reported at Rs 384.6 crores, up by 29% over previous fiscal’s same period net sales of Rs 297.9 crore. Consolidated EBITDA for the quarter ended December 2020 was reported Rs 49.5 crore. Exports for the quarter were at Rs 54 crore, grew by 41% y-o-y. While the tiles division posted strong revenue growth of 36% y-o-y.
According to a company news release, the company attributes its success to its impact in the overseas market, steps taken to enhance the operations, efficiency and better retail presence. During the quarter, tiles division saw strong traction in demand from domestic as well as from the export market, resulting in strong revenue growth.
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Kamlesh Patel, Chairman and Managing Director, said crucial factors that proved advantageous were what he termed “anti-China sentiments”, lower gas prices, and massive export orders from the US, European and Middle East markets.
Written from a company news release.