- Asian Granito India Limited (AGIL), manufacturer of one of India’s leading tiles brands is eyeing exponential growth from the exports business
- Asian Granito is one of the largest tile exporters among organized players from India. Consolidated export of the company grew to around 17 percent of total revenues in FY21 vs. 14 percent in FY20.
- For the year FY20-21, consolidated export sales for the company were reported at Rs 216 crore.
- The Company expects to clock export business of around Rs 350 – 400 crore in the current fiscal of FY21-22 and aims to expand its business network in over 120 countries from 100 currently.
- Despite covid, freight cost rise and container availability challenge the company reported – Rs 53.19 crore, ended June 2021.
- Kamlesh Patel, Chairman, and Managing Director, Asian Granito India Ltd. said “ All larger players in the industry are currently working at a capacity of 80-85 percent. All plants of Asian Granito are currently working at 95 percent plus capacity utilization”
- The company has recently announced a rights issue of Rs 224.65 crore to repay/prepay certain outstanding borrowings, meeting working capital requirements for the company’s business activities and general corporate purposes.
- The Company will issue 2,24,64,188 fully paid-up Equity Shares of the face value of Rs. 10 each for cash for Rs. 100 per Equity Share (including a premium of Rs 90 per Equity Share) aggregating to Rs 224.65 crore on a rights basis to eligible equity shareholders in the ratio of 19:29.
- The company has launched an 18,000 square feet AGL Export House at Morbi – India’s hub for ceramic tiles and sanitaryware TO to strengthen international business and boost exports. The export house unveils the entire range of tiles, Sanitaryware, and bathware range including 3,000 plus products in all sizes
- For FY ’21, the company reported a net profit of Rs 57.23 crores on a consolidated basis – a growth of 36 percent Y-o-Y. Net sales – 1,292 crores with 6 percent growth, EBITDA was reported at Rs 135.95 crore with 16 percent growth Y-o-Y. EBITDA Margin improved 91 basis points to 10.5 percent in FY 21 while Net profit margin improved by 100 basis points to 4.4 percent.
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