Ahmedabad (Gujarat) [India] November 15: Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country has reported improved operational and financial performance during Q2 and H1 of FY 2024-25 ended 30th September 2024.
Financial Highlights (Consolidated)
Q2 FY25
Q2 FY24
Y-O-Y
H1
FY25
H1
FY24
Y-O-Y
Net Sales (Rs. Cr)
383.7
400.9
-4%
726.9
735.7
-1%
EBITDA (Rs. Cr)
15.6
21.1
-26%
32.2
36.3
-11%
EBITDA Margin (%)
4.1%
5.3%
-120 bps
4.4%
4.9%
-50 bps
Net Profit (Rs. Cr)
4.7
-2.8
268%
5.0
-6.3
179%
Net Profit Margin (%)
1.2%
-0.7%
190 bps
0.7%
-0.9%
160 bps
Consolidated Highlights: – Q2FY25 Results
The Company has reported a consolidated net profit of Rs. 4.7 crore for the Q2FY25 ended 30th September 2024 as compared to the net loss of Rs. 2.8 crore for Q2FY24. Consolidated Net sales of the company in Q2FY25 was reported at Rs. 384 crore as against net sales of Rs. 401 crore in Q2FY24. EBITDA for Q2FY25 stood at Rs. 15.6 crore (EBITDA Margin 4.1%) as against EBITDA of Rs. 21.1 crore (EBITDA Margin 5.3%) in Q2FY24, decline 1.2% Y-o-Y. Exports for the Q2FY25 was reported at Rs. 77 crore, rise of 26% Y-o-Y as compared to export of Rs. 61 crore in Q2FY24.
Commenting on the results and performance, Mr. Kamlesh Patel, Chairman and Managing Director said, “Despite challenges like raw material cost fluctuations, export policies and intense competition impacting the business and margins, company has reported satisfactory set of numbers for Q2 and H1 FY25. We are steadfast on our commitment to achieve total revenue of Rs. 6,000 Crores. Strategic initiatives like the AGL demerger, focus on retail presence, showroom expansion and the appointment of Ranbir Kapoor as brand ambassador demonstrate the company’s strong commitment to growth and its aspiration to become a global brand.”
Financial Highlights (Standalone)
Q2 FY25
Q2 FY24
Y-O-Y
H1
FY25
H1
FY24
Y-O-Y
Net Sales (Rs. Cr)
322.7
341.4
-5%
600.0
634.1
-5%
EBITDA (Rs. Cr)
10.1
20.6
-51%
23.3
36.5
-36%
EBITDA Margin (%)
3.1%
6.0%
-290 bps
3.9%
5.8%
-190 bps
Net Profit (Rs. Cr)
2.2
8.4
-74%
6.9
14.1
-51%
Net Profit Margin (%)
0.7%
2.5%
-180 bps
1.2%
2.2%
-100 bps
Standalone Highlights: – Q2 FY25 Results
The Company has reported a standalone net profit of 2.2 crore for Q2 FY25 ended 30th September 2024 as compared to the net profit of Rs. 8.4 crore in Q2FY24. Standalone net sales for the second quarter of FY24-25 reported de-growth of 5% to Rs. 323 crore as against net sales of Rs. 341 crore in Q2 FY23-24. EBITDA for Q2 FY25 stood at Rs. 10.1 crore (EBITDA Margin 3.1%) as against EBITDA of Rs. 20.6 crore (EBITDA Margin 6.0%) in Q2 FY24.
Pursuant to the National Company Law Tribunal order dated 25 October 2024 company has conveyed meeting of equity shareholders on 17 December 2024 for the purpose of considering, and if though fit, approving the proposed Composite Scheme of Arrangement amongst Asian Granito India Ltd and 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. Company had earlier received “No Objection” letter from stock exchanges – Bombay Stock Exchange and National Stock Exchange for the proposed demerger.
Company board on 15 October by way of passing circular resolution has approved allotment of 47.14 lakh 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. 17.02 crore. On 8th October, company board allotment of 77.82 lakh equity shares on conversion of an equal amount of warrants to person belonging to non-promoter group at Rs. 48.15 per share upon receipt of the amount aggregating to Rs. 28.10 crore. Promoter Group holding in the company as on 15 Oct 2024 stands at 29.80%.
With its in-house manufacturing capacity and robust R&D team, the company has recently launched a new range of 60 products in kitchen and bathware to its extensive catalogue thereby expanding their SKUs. The company has established a 0.66 million pieces per annum cutting-edge tech plant at Morbi, Gujarat for bathware products, marking a significant shift from third-party sourcing to internal manufacturing.
Business Highlights
Exports for Q2 FY25 at Rs. 77 crores; Exports for H1 FY25 at Rs. 127 crores
Meeting of equity shareholders on 17 December for the purpose of considering, and if though fit,
approving the proposed demerger amongst Asian Granito India Ltd and other entities
Approved allotment of 47.14 lakh equity shares to promoter group and 77.82 lakh equity shares to
non-promoter group on conversion of equal amount of warrants at an issue price of Rs. 48.15 per
share
Company recently launched a new range of 60 products in kitchen and bathware expanding SKUs
Company signed renowed Bollywood star Ranbir Kapoor as brand ambassador and launched
campaign “Premium ka Pappa”
Company signed renowed Bollywood actress Vaani Kapoor for its Bonzer7 brand
Highlights: – H1FY25 Results
For the six months ended September 2024 (H1FY25), on the consolidated basis, company has reported a net profit of Rs. 5.0 crore, EBITDA of Rs. 32.1 crore and net sales of Rs. 727 crore.
On Standalone basis, the company has reported a net profit of Rs. 6.9 crore, EBITDA of Rs. 23.3 crore and net sales of Rs. 634 crore.
About AGL
Established in the year 2000, AGL has emerged as India’s leading Luxury Surfaces and Bathware Solutions brand in a short span of two decades. The Company manufactures and markets a wide range of Tiles, Engineered Marble and Quartz, Bathware and Faucets. AGL products are synonymous with reliability, adaptability, innovation, quality consciousness and the company has created a strong brand identity, well recognized globally and loyal customer following across segments. Today it is 4th largest listed ceramic tile company in India with Strength of more than 400 field force.
Ranked amongst the top ceramic tiles companies in India, AGL has achieved over 65 times growth in its production capacity, from 0.83 Million Sq. Mtrs. Per Annum in FY 2000 to 54.5 Million Sq. Mtrs. Per Annum in FY 2023. AGL is also the only tiles company to be acknowledged in the Vibrant Gujarat Summit 2015 for achieving phenomenal growth.
The Company has 14 state-of-the-art manufacturing units spread across Gujarat and 277 plus exclusive franchisee showrooms, 13 company owned display centres across India. Further, the Company has an extensive marketing and distribution network pan India with 18,000 plus touchpoints including distributors, dealers and sub-dealers in India. The company also exports to more than 100 countries.
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 net consolidated turnover of INR 1530.6 crore in FY 2024. (For more information, please visit: www.aglasiangranito.com)
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