Ahmedabad, January 31, 2024: Asian Granito India Limited (AGL), one of India’s largest Luxury Surfaces and Bathware Solutions brands has successfully turnaround its business operations and reported excellent operational and financial performance during Q3FY24 on standalone basis.
On a standalone basis, Company reported net profit of Rs. 6.4 crore for Q3FY24 as compared to net loss of Rs. 10.2 crore in the corresponding period last year. EBITDA for Q3FY24 was reported at Rs. 15 crore as against negative EBITDA of Rs. 5.4 crore in Q3FY23. Net sales for Q3FY24 was reported at Rs. 320.2 crore.
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On Consolidated basis, the company has reported a consolidated net loss of Rs. 8.1 crore for Q3 FY24, as compared to the net loss of Rs. 26.9 crore in Q3FY23. Consolidated Net sales of the company was reported at Rs. 371.1 crore in Q3FY24.
Exports for the Q3FY24 at Rs. 55 crores, rose 8% Y-o-Y. Exports for 9M FY24 was reported at Rs.148 crore comprising 17% of revenue.
Mr. Kamlesh Patel, Chairman and Managing Director said, "Following a challenging last few quarters, we are happy to announce to our stakeholders that the company is successfully executing a turnaround in its business operations at standalone level. Company has achieved outstanding operational and financial results at standalone level for the third quarter and nine months ending December 2023. With unwavering focus and energy, the company is resolutely committed to realizing its long-term vision of attaining a total revenue of Rs. 6,000 crore.”
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During Q3FY24, the company inaugurated a 6,000 sq ft. company showroom in Delhi NCR which aims to provide a one stop solution with all AGL products under one roof. The company also launched a 3,000 sq ft showroom in the vibrant market of Hyderabad showcasing 700 plus Glazed Vitrified tiles and Grand Slabs in all sizes, designs and finishes.
In a strategic move to offer comprehensive building materials solutions, the company entered the Sanitaryware manufacturing sector. Building on the trust garnered, along with an expansive marketing and distribution network in the tiles segment, the company is poised to establish a strong presence in the Sanitaryware market. Anticipating significant growth, the company expects the division to achieve a turnover of approximately Rs. 400 crore within the next five years.
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AGL Sanitaryware Pvt. Ltd has successfully completed the construction of the cutting-edge plant, marking a significant shift from third-party sourcing to internal manufacturing. Installed capacity of the sanitaryware plant is 0.66 million pieces per annum and the company commenced commercial operation on 1st October 2023.
About the brand
Established in the year 2000, Asian Granito India Ltd. manufactures and markets a wide 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 touch points including distributors, dealers and sub-dealers in India. The company also exports to more than 100 countries.
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