- Asian Granito India Limited (AGIL), one of India’s leading tiles companies has divested its entire 18.87% stake in its associated company – Astron Paper and Board Mills Ltd (Astron Paper) for Rs46.94cr.
- AGIL has sold 87.75 lakh equity shares of Astron Paper through a block deal at Rs53.5 per share on 10 August 2021.
- To focus on the core business of ceramic tiles and building materials, Asian Granito in its board meeting held on 31 May 2021 had approved disinvestment from Astron Paper.
- Asian Granito India Ltd said, “We need to capitalize on our core strengths and capabilities and the divestment from Astron Paper is in line with a company’s vision to focus on our core business of tiles and building materials which is witnessing an excellent growth.”
- The company has recently announced a rights issue of Rs225cr.
- For FY21, Company reported a net profit of Rs57.23cr on a consolidated basis – a growth of 36% YoY. Net sales for FY21 were reported at Rs1,292cr with 6% growth YoY and EBITDA was reported at Rs135.95cr with 16% growth YoY. EBITDA Margin improved 91 basis points to 10.5% in FY21, while Net profit margin improved by 100 basis points to 4.4%
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