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Ahmedabad, May 27, 2022: Asian Granito India Limited (AGL), one of the country’s largest Luxury Surfaces and Bathware Solutions brands, has reported excellent financial performance in FY22. Led by healthy volume growth and better realisation, the company reported its highest-ever Yearly Sales, EBITDA and Net Profit for the FY ended March 2022. The company has achieved a successful closure of the Rights issue of Rs. 440.96 crore to fund expansion in value-added luxury surfaces and bathware segment, including GVT tiles, sanitaryware, SPC flooring, etc. The company has recommended a dividend of 7%, Rs. 0.70 per share on the face value of Rs. 10 per share for the FY 2021-22.
For FY22, the company has reported net sales of Rs.1563.8 crore, higher by 21% over the previous fiscal’s same period net sales of Rs.1292.3 crore. EBITDA for Year ended March 2022 was reported at Rs.124.6 crore (EBITDA margin at 8%). Net Profit for the FY2022 stood at Rs.91.8 crore (PAT Margin 5.9%) compared to a net profit of Rs.57.2 crore (PAT Margin 4.4%). Exports for FY22 were reported at Rs.204.9 crore.
Financial Highlights (Consolidated)
Commenting on the results and performance, Mr. Kamlesh Patel, Chairman and Managing Director, said, “Led by healthy volume growth and better realization, the company reported its highest-ever Yearly Sales and Net Profit for the FY ended March 2022. Thanks to the efficient product mix and strategy to pass the escalated costs, the company strengthened its market share and presence in the domestic and global markets. The ceramic industry has faced extraordinary pressure on input costs in FY22, i.e. gas prices, raw materials, coal prices and international freight costs, etc.; despite the challenges, the company has continued to process on the growth path and reported good numbers for the Q4 as well as full-year of FY22. The goal to achieve company has become debt-free at standalone level now moving towards next aim to become debt-free on a consolidated level.”
Mr. Patel added, “Again want to express my gratitude and sincere thanks to our dear and esteemed shareholders and investors for their support and participation in the Rights Issue. We are delighted and humbled by their extraordinary show of confidence in the future of AGL. Our industry is witnessing tremendous growth in domestic and export markets and has grown at the highest pace globally in the past five years, thanks to the growing demand for value-added surfaces and bath-ware, favourable government initiatives and policies and a big push for housing and infra. The company’s Enhanced Strategic Integration Programme (ESIP) is targeted to expand the margins and place the Company further up in the league table of Luxury Surfaces and Bathware Solutions Players, and this Rights Issue is a Mega Step towards the vision to achieve Rs. 6,000 crore in topline in medium to long term.”
Financial Highlights (Standalone)
Achieves Successful closure of the largest Rights Issue by an Indian Ceramic Company:
The rights issue of Asian Granito India Ltd received an overwhelming response from the shareholders and investors despite challenging times. It successfully closed the largest rights issue by an Indian ceramic company. The company’s rights issue of Rs.440.96 crore achieved 127% subscription and received bids for over 8.89 crore shares (Rs.561 crore) against 6.99 crore shares on offer. The rights issue proceeds shall be utilized towards the capex for the New Projects, additional working capital and general corporate purposes, etc. The Promoter & Promoter Group shareholders of AGL had participated in the Rights Issue for their full entitlement of 28.99% shareholding in the Company. After completing the Rights Issue, total outstanding equity shares of the Company would increase to 12,67,45,316 from 5,67,51,634 equity shares as of March 31, 2022.
Completes Land Acquisition for its Three New Greenfield Manufacturing Plants in Morbi: Company plans to set up three state-of-the-art manufacturing facilities at Morbi, Gujarat, in Value Added Luxury Surfaces & Bathware Segments, including GVT Tiles, Sanitaryware and SPC Flooring. The Company is also setting up one of India’s largest Display Centres at Morbi. The company has completed the land acquisition and necessary due diligence, including land payment, registration and stamp duty fees for setting up plants under Future Ceramics Pvt Ltd, AGL Sanitaryware, and AGL Surfaces Pvt Ltd. Civil & engineering works at the sites will begin very soon. AGL is expected to strengthen its leadership position and generate peak sales of Rs.700 crore per annum from the three plants and contribute Rs.500 crore of revenue from display centres.
New entities incorporated for Expansion:-
Established in the year 2000, Asian Granito India Ltd. (AGL) has emerged as India’s leading Luxury Surfaces and Bathware Solutions brand in two decades. The Company manufactures and markets a wide range of Tiles, Engineered Marble and Quartz, Sanitaryware and Faucets. AGL products are synonymous with reliability, adaptability, innovation, and quality consciousness, and the company has created a strong brand identity, well recognized globally and loyal customer following across segments.
Ranked amongst the top ceramic tiles companies in India, AGL has achieved nearly 40 times growth in its production capacity, from 2,500 square meters per day in 2000 to 98,000 + square meters per day to date. AGL is also the only tiles company to be acknowledged in the Vibrant Gujarat Summit 2015 for achieving phenomenal growth.
The Company has nine state-of-the-art manufacturing units spread across Gujarat and 311 exclusive showrooms, and 12 display centres across India. Further, the Company has an extensive marketing and distribution network pan India and export markets.
The Company looks to strengthen its identity as the leader in the Indian ceramic industry by consistently introducing innovative and value-added products in the market to keep pace with its valued customers. Headquartered in Ahmedabad, AGL is listed on NSE & BSE and reported a net consolidated turnover of INR 1563.8crore in 2021-22. The Company exports to more than 100 countries. (For more information, please visit: www.aglasiangranito.com)
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