Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands has reported significant improvement in the operational and financial performance during Q1 of FY 2024-25 ended 30th June 2024.
The Company has reported a consolidated net profit of Rs. 0.3 crore for Q1FY25 ended 30th June 2024 as compared to the net loss of Rs. 3.6 crore in Q1FY24. Consolidated net sales for the first quarter of FY24-25 reported growth of 3% to Rs. 343.2 crore as against net sales of Rs. 334.8 crore in QI FY23-24. EBITDA for Q1 FY25 stood at Rs. 16.1 crore (EBITDA Margin 4.7%) as against EBITDA of Rs. 9.6 crore (EBITDA Margin 2.9%) in QI FY24.
The Company has reported a standalone net profit of Rs. 4.6 crore for the Q1FY25 ended 30th June 2024 as compared to the net profit of Rs. 5.6 crore for in Q1FY24. Standalone Net sales of the company in Q1FY25 was reported at Rs. 277.6 crore as against net sales of Rs. 292.7 crore in Q1FY24. EBITDA for Q1FY25 stood at Rs. 7.9 crore (EBITDA Margin 2.8%) as against EBITDA of Rs. 3.8 crore (EBITDA Margin 1.3%) in Q1FY24, growth of 108% Y-o-Y. Exports for the Q1FY25 was reported at Rs. 43.9 crore, rise of 5% Y-o-Y as compared to export of Rs. 41.8 crore in Q1FY24.
Commenting on the results and performance Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd said, "The Company has commenced the financial year with enhanced operational and financial performance in Q1FY25. Looking ahead, the company remains optimistic and is poised for significant growth in the coming years. Strategic initiatives such as the Morbi expansion, the AGL demerger, focus on retail presence, showroom expansion and the appointment of Ranbir Kapoor as brand ambassador demonstrate the company's strong commitment to growth and its aspiration to become a global brand. With a steadfast commitment to thought leadership, the company aims to achieve a total revenue of Rs. 6,000 Crore, driven by a visionary long-term strategy.”
The company has successfully completed its expansion plans by establishing manufacturing units under Future Ceramic Pvt Ltd and AGL Sanitaryware Pvt Ltd. Additionally, the company is investing Rs. 73.80 crore to set up a Mega Display Centre cum Office in Ahmedabad and a Stock Point for trading building construction materials.
Company has recently received “No Objection” letter from stock exchanges – Bombay Stock Exchange and National Stock Exchange for the proposed Demerger Scheme of Arrangement amongst Asian Granito India Ltd and Affil Vitrified Pvt Ltd, Ivanta Ceramics Industries Pvt Ltd, Crystal Ceramic Industries Ltd, Affil Ceramics Ltd, Ivanta Ceramic Ltd, Crystal Vitrified Ltd, Amazoone Ceramics Ltd, AGL Industries Ltd, Adicon Ceramica Tiles Pvt Ltd and Adicon Ceramics Ltd. The Scheme of Arrangement remains subject to receipt of other applicable statutory and regulatory approvals inter-alia including from Hon’ble National Company Law Tribunal and the respective shareholders and creditors, under applicable laws.
Board of Directors on 4 July 2024 has approved the proposal to increase the authorised capital of the company from Rs. 150 crore consisting of 15 crore equity shares of Rs. 10 each to Rs. 320 crore consisting of 32 crore equity shares of Rs. 10 each, subject to approval of shareholders of the Company.
In June 2024, Company has incorporated Subsidiary, M/s. AGL Stones LLP with an objective to carry on Trading activities in various types of tiles mainly large slabs tiles, quartz slabs etc. and it will specifically focus on exports to USA market. Asian Granito India Ltd holds 51% in the venture. The Company has also incorporated Wholly Owned Subsidiary in Thailand named Harmony Surfaces (Thailand) Ltd on 18 June, 2024 with an objective to undertake the trading activities of all type of Tiles.
In a strategic move to elevate the AGL brand, the company has signed Bollywood superstar Ranbir Kapoor as its brand ambassador and launched the "Premium ka Pappa” campaign. This partnership highlights the brand's commitment to excellence and sets the stage for an exciting future. With Kapoor's endorsement, the brand aims to expand its reach, particularly among the youth, advancing its vision of growth and connectivity.
In a short span of two decades, Asian Granito India Ltd has emerged as India's leading Luxury Surfaces and Bathware Solutions brand. The Company manufacture and markets a range of Tiles, Engineered Marble and Quartz, Sanitaryware and Faucets. The Company has 235 plus exclusive franchisee showrooms, 12 company owned display centers and an extensive marketing and distribution network pan India with 14,000 plus touchpoints including distributors, dealers and sub-dealers in India. The Company also exports to more than 100 countries.
