Asian Granito India Limited (AGL), one of India's Luxury Surfaces and Bathware Solutions brands, reported improved operational and financial performance during Q3 and Nine Months of FY 2024-25, ending 31st December 2024.
The Company has reported a consolidated net loss of Rs 1 Crore for the Q3FY25 ended 31st December 2024 as compared to the net loss of Rs 8 Crore for Q3FY24. Consolidated Net sales of the company in Q3FY25 were reported at Rs 360 Crore as against net sales of Rs 371 Crore in Q3FY24 due to softness in domestic demand and continued weakness in tile exports. EBITDA for Q3FY25 stood at Rs 16 Crore (EBITDA Margin 4.41 per cent) as against EBITDA of Rs 2 Crore (EBITDA Margin 0.41 per cent) in Q3FY24, the rise of 955 per cent Y-o-Y on account of higher realisation and marginal reduction in gas prices. Exports for Q3FY25 were reported at Rs 79 Crore, a rise of 22 per cent Y-o-Y as compared to exports of Rs 60 Crore in Q3FY24, mainly on account of quartz export.
Kamlesh Patel, Chairman and Managing Director, said, "Strategic initiatives like the AGL demerger, expanding retail presence and showrooms, and appointing Ranbir Kapoor as brand ambassador reflect our strong commitment to growth and ambition to become a global brand. The company is committed to a long-term vision of achieving a total revenue target of Rs 6,000 Crores. Despite facing challenges such as fluctuations in raw material costs, export policies, and fierce competition that have impacted both business and margins, the company has posted strong results for Q3 and 9 months of FY25. As a key player in the Indian ceramic industry, the company aims to increase market share through continuous product development, new designs, and advanced manufacturing technology for enhanced customer alignment and growth."
The Company has reported a standalone net profit of Rs 2 Crore for Q3 FY25, which ended 31st December 2024, as compared to the net profit of Rs 6 Crore in Q3FY24. Standalone net sales for the third quarter of FY24-25 reported negative growth of 8 per cent to Rs 295 Crore as against net sales of Rs 320 Crore in Q3 FY23-24 due to lower price realisation. EBITDA for Q3 FY25 stood at Rs 4 Crore (EBITDA Margin 1.36 per cent), as opposed to EBITDA of Rs 5 Crore (EBITDA Margin 1.63 per cent) in Q3 FY24.
The Composite Scheme of Arrangement involving Demerger, Slump Sale, and Amalgamation between Asian Granito India Ltd and other entities was approved with the requisite majority by shareholders and creditors of the respective companies. Following the National Company Law Tribunal order on 25th October 2024, a meeting of equity shareholders, secured creditors and unsecured creditors of the company was held on 17th December 2024 and 18th December 2024 in relation to the Composite Scheme of Arrangement involving Demerger, Slump Sale as well as Amalgamation between Asian Granito India Ltd, 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 and AGL Industries Ltd and their respective shareholders and creditors. The company had already received a "No Objection" letter from stock exchanges, such as the Bombay Stock Exchange and the National Stock Exchange.
The company board, on 23rd November 2024, by way of passing a circular resolution, approved the allotment of 78,02,884 equity shares on conversion of an equal amount of warrants at an issue price of Rs 48.15 per share (including a premium of Rs 38.15 per share) to person belonging to the Promoter / Promoter- Group Category, on preferential basis, upon receipt of the amount aggregating to Rs 28.18 Crore. On 15th October 2024 and 8th October 2024, also a board approved the allotment of 47.14 lakh equity shares and 77.82 lakh equity shares, respectively, on the conversion of an equal amount of warrants. Consequent to this conversion of warrants/allotment of Equity Shares, all the warrants stand converted, and no warrants are pending conversion.
Pursuant to the conversion of warrants, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stands increased to Rs 1,47,04,53,160 consisting of 14,70,45,316 fully paid-up Equity Shares of Rs 10 each. After the warrants conversion, Promoter Group's holding in the company as of 31st December 2024 has increased to 33.52 per cent from 29.02 per cent on 30th September 2024.
The company has recently unveiled 'AGL Tile Guru' - an innovative knowledge initiative designed to empower and educate customers and stakeholders with the tools they need to make informed choices. This initiative reaffirms AGL's commitment to enhancing customer experience and engaging with industry professionals. Strengthening its commitment, AGL is hosting 'Mason Meet' workshops across India, upskilling masons in Tier 2 and 3 cities with modern construction techniques and premium product management for enhanced craftsmanship. For the nine months ended 31st December 2024 (9MFY25), on a consolidated basis, the company has reported a net profit of Rs 4 Crore, EBITDA of Rs 47 Crore and net sales of Rs 1087 Crore. On a standalone basis, the company reported a net profit of Rs 8 Crore, EBITDA of Rs 16 Crore and net sales of Rs 896 Crore.
In a strategic move to elevate the AGL brand, the company signed Bollywood superstar Ranbir Kapoor as its brand ambassador and launched the "Premium ka Pappa" campaign. With Kapoor's endorsement, the brand aims to expand its reach, particularly among the youth, advancing its vision of growth and connectivity. The company also launched its 3rd TVC of the campaign with Ranbir Kapoor in the witty and relatable tagline: "Jo Ranbir Ko Shaadi Mein Nachate Hain, Ghar Mein AGL Tiles Lagate Hain". The "Premium ka Pappa" campaign has already garnered over 17 million views on YouTube alone. The company has also signed Bollywood actress Vaani Kapoor as its brand ambassador for its Bonzer7 brand.
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