Business Standard

SPONSORED CONTENT

What's this ?

Sponsored Content is a "Paid For" Press Release distribution arrangement. Purely a Commercial Arrangement, brands and advertisers pay to be featured and to get this content published.

The Editorial/Content team at Business Standard has not contributed to writing/editing this article.

To get your brand featured in this Section write to assist@bsmail.in

Asian Granito India Ltd. Reports Consolidated Sales of Rs. 129.40 Crore in Q1FY21

ANI Press Release 

Tennis player James Blake
Mr. Kamlesh Patel, CMD (Left) and Mr. Mukesh Patel, MD, Asian Granito India Ltd.

Ahmedabad (Gujarat) [India], August 20 (ANI/NewsVoir): Asian Granito India Limited (AGIL), manufacturer of one of India's leading tiles brand has reported good financial performance for the first quarter ended June 2020 amidst the challenging economic and business scenario prevailing across the world.

The company reported consolidated EBITDA of Rs. 3.76 crore on consolidated sales of Rs. 129.4 crore during the Q1FY21 ended June 2020. Key measures for improving operational and cost efficiency, building on retail presence and exports have contributed to the results.

Quarterly Highlights:

Consolidated Net sales for the quarter ended June 2020 was reported at Rs. 129.40 crores, lower by 59 per cent over previous fiscal's same period net sales of Rs. 312.04 crores. Consolidated EBITDA for the quarter ended June 2020 was reported at Rs. 3.76 crores. The company reported a loss of Rs 7.51 crore in the first quarter for the financial year 2020-2021, however, due to pro-active steps taken by management in controlling expenses company was able to report operating profit in the current COVID situation.

Commenting on the results and performance, Kamlesh Patel, Chairman and Managing Director said, "Despite a challenging economic and business environment due to COVID-19, company has delivered a good operational and financial performance for Q1FY21. Company's strong presence in the rural and tier-II cities focused on the progressive middle class of the country and good demand from the export market has helped the company to post good numbers during the quarter. Green shoots are visible in the demand, especially from rural & semi-urban markets, retail sales and export demand. We believe that demand from these segments are likely to improve further from current levels and will result in increase revenue and profitability in coming quarters."

Company has witnessed good traction in overseas markets during the quarter. Consolidated Export business grew to around 23.8 per cent of total revenues in Q1FY21 vs. 13.1 per cent in the Q1FY20. The company expect quantum jump in the export business in the coming quarters and also expanding its export network to 100 plus countries in the current fiscal year from 78 currently.

Mr Patel said, "Due to the focused management approach, the company was able to turnaround the operations very fast post-COVID-19. Further, the company has adopted a well-defined strategy to handle the current slowdown and managed the fixed and semi-variable costs more efficiently. Recently launched 'Atmanirbhar Program' to drive retail and secondary sales, reducing marketing cost and increase profitability while generating employment opportunities for creating vocal for local in current slowdown period has received tremendous response in a short time. Pilot project is launched in Gujarat and the company aims to launch this Pan India in the coming time. We are confident that with the focused strategy company will be able to bounce back on its growth path and shall achieve new heights."

Company is also looking to engage with global players with an objective to make India a global manufacturing hub for tiles and sanitary ware and aims to provide end-to-end solutions including quality assurance, packaging, efficient supply chain management, and adherence to stringent compliance and ethical norms. In-line with this strategy, AGL has recently started catering to demand from Siam Cement Group (SCG), one of the largest cement and building material companies in Thailand and Southeast Asia. SCG has a presence in 21 countries including Indonesia, Malaysia, Vietnam, Philippines, Sri Lanka and others.

Asian Granito India Ltd offers the widest range of products including, ceramic floor, digital wall, vitrified, parking, porcelain, glazed vitrified, outdoor, natural marble, composite marble & Quartz, etc. Further to leverage the synergies, the company has entered in sanitary ware and recently, the company had launched the CP Fittings and Faucets division to provide 'Complete Bathroom Solutions' under brand AGL. Company has set a target to increase its touchpoints to over 10,000, expand the network of exclusive showrooms to 500 plus. The company expects higher sales in coming quarters due to its dominance in B & C class cities and focused penetration in the market.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, August 20 2020. 23:30 IST
RECOMMENDED FOR YOU

Asian Granito India Ltd. Reports Consolidated Sales of Rs. 129.40 Crore in Q1FY21

Ahmedabad (Gujarat) [India], August 20 (ANI/NewsVoir): Asian Granito India Limited (AGIL), manufacturer of one of India's leading tiles brand has reported good financial performance for the first quarter ended June 2020 amidst the challenging economic and business scenario prevailing across the world.

Ahmedabad (Gujarat) [India], August 20 (ANI/NewsVoir): Asian Granito India Limited (AGIL), manufacturer of one of India's leading tiles brand has reported good financial performance for the first quarter ended June 2020 amidst the challenging economic and business scenario prevailing across the world.

The company reported consolidated EBITDA of Rs. 3.76 crore on consolidated sales of Rs. 129.4 crore during the Q1FY21 ended June 2020. Key measures for improving operational and cost efficiency, building on retail presence and exports have contributed to the results.

Quarterly Highlights:

Consolidated Net sales for the quarter ended June 2020 was reported at Rs. 129.40 crores, lower by 59 per cent over previous fiscal's same period net sales of Rs. 312.04 crores. Consolidated EBITDA for the quarter ended June 2020 was reported at Rs. 3.76 crores. The company reported a loss of Rs 7.51 crore in the first quarter for the financial year 2020-2021, however, due to pro-active steps taken by management in controlling expenses company was able to report operating profit in the current COVID situation.

Commenting on the results and performance, Kamlesh Patel, Chairman and Managing Director said, "Despite a challenging economic and business environment due to COVID-19, company has delivered a good operational and financial performance for Q1FY21. Company's strong presence in the rural and tier-II cities focused on the progressive middle class of the country and good demand from the export market has helped the company to post good numbers during the quarter. Green shoots are visible in the demand, especially from rural & semi-urban markets, retail sales and export demand. We believe that demand from these segments are likely to improve further from current levels and will result in increase revenue and profitability in coming quarters."

Company has witnessed good traction in overseas markets during the quarter. Consolidated Export business grew to around 23.8 per cent of total revenues in Q1FY21 vs. 13.1 per cent in the Q1FY20. The company expect quantum jump in the export business in the coming quarters and also expanding its export network to 100 plus countries in the current fiscal year from 78 currently.

Mr Patel said, "Due to the focused management approach, the company was able to turnaround the operations very fast post-COVID-19. Further, the company has adopted a well-defined strategy to handle the current slowdown and managed the fixed and semi-variable costs more efficiently. Recently launched 'Atmanirbhar Program' to drive retail and secondary sales, reducing marketing cost and increase profitability while generating employment opportunities for creating vocal for local in current slowdown period has received tremendous response in a short time. Pilot project is launched in Gujarat and the company aims to launch this Pan India in the coming time. We are confident that with the focused strategy company will be able to bounce back on its growth path and shall achieve new heights."

Company is also looking to engage with global players with an objective to make India a global manufacturing hub for tiles and sanitary ware and aims to provide end-to-end solutions including quality assurance, packaging, efficient supply chain management, and adherence to stringent compliance and ethical norms. In-line with this strategy, AGL has recently started catering to demand from Siam Cement Group (SCG), one of the largest cement and building material companies in Thailand and Southeast Asia. SCG has a presence in 21 countries including Indonesia, Malaysia, Vietnam, Philippines, Sri Lanka and others.

Asian Granito India Ltd offers the widest range of products including, ceramic floor, digital wall, vitrified, parking, porcelain, glazed vitrified, outdoor, natural marble, composite marble & Quartz, etc. Further to leverage the synergies, the company has entered in sanitary ware and recently, the company had launched the CP Fittings and Faucets division to provide 'Complete Bathroom Solutions' under brand AGL. Company has set a target to increase its touchpoints to over 10,000, expand the network of exclusive showrooms to 500 plus. The company expects higher sales in coming quarters due to its dominance in B & C class cities and focused penetration in the market.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
image
Business Standard
177 22

Asian Granito India Ltd. Reports Consolidated Sales of Rs. 129.40 Crore in Q1FY21

Ahmedabad (Gujarat) [India], August 20 (ANI/NewsVoir): Asian Granito India Limited (AGIL), manufacturer of one of India's leading tiles brand has reported good financial performance for the first quarter ended June 2020 amidst the challenging economic and business scenario prevailing across the world.

The company reported consolidated EBITDA of Rs. 3.76 crore on consolidated sales of Rs. 129.4 crore during the Q1FY21 ended June 2020. Key measures for improving operational and cost efficiency, building on retail presence and exports have contributed to the results.

Quarterly Highlights:

Consolidated Net sales for the quarter ended June 2020 was reported at Rs. 129.40 crores, lower by 59 per cent over previous fiscal's same period net sales of Rs. 312.04 crores. Consolidated EBITDA for the quarter ended June 2020 was reported at Rs. 3.76 crores. The company reported a loss of Rs 7.51 crore in the first quarter for the financial year 2020-2021, however, due to pro-active steps taken by management in controlling expenses company was able to report operating profit in the current COVID situation.

Commenting on the results and performance, Kamlesh Patel, Chairman and Managing Director said, "Despite a challenging economic and business environment due to COVID-19, company has delivered a good operational and financial performance for Q1FY21. Company's strong presence in the rural and tier-II cities focused on the progressive middle class of the country and good demand from the export market has helped the company to post good numbers during the quarter. Green shoots are visible in the demand, especially from rural & semi-urban markets, retail sales and export demand. We believe that demand from these segments are likely to improve further from current levels and will result in increase revenue and profitability in coming quarters."

Company has witnessed good traction in overseas markets during the quarter. Consolidated Export business grew to around 23.8 per cent of total revenues in Q1FY21 vs. 13.1 per cent in the Q1FY20. The company expect quantum jump in the export business in the coming quarters and also expanding its export network to 100 plus countries in the current fiscal year from 78 currently.

Mr Patel said, "Due to the focused management approach, the company was able to turnaround the operations very fast post-COVID-19. Further, the company has adopted a well-defined strategy to handle the current slowdown and managed the fixed and semi-variable costs more efficiently. Recently launched 'Atmanirbhar Program' to drive retail and secondary sales, reducing marketing cost and increase profitability while generating employment opportunities for creating vocal for local in current slowdown period has received tremendous response in a short time. Pilot project is launched in Gujarat and the company aims to launch this Pan India in the coming time. We are confident that with the focused strategy company will be able to bounce back on its growth path and shall achieve new heights."

Company is also looking to engage with global players with an objective to make India a global manufacturing hub for tiles and sanitary ware and aims to provide end-to-end solutions including quality assurance, packaging, efficient supply chain management, and adherence to stringent compliance and ethical norms. In-line with this strategy, AGL has recently started catering to demand from Siam Cement Group (SCG), one of the largest cement and building material companies in Thailand and Southeast Asia. SCG has a presence in 21 countries including Indonesia, Malaysia, Vietnam, Philippines, Sri Lanka and others.

Asian Granito India Ltd offers the widest range of products including, ceramic floor, digital wall, vitrified, parking, porcelain, glazed vitrified, outdoor, natural marble, composite marble & Quartz, etc. Further to leverage the synergies, the company has entered in sanitary ware and recently, the company had launched the CP Fittings and Faucets division to provide 'Complete Bathroom Solutions' under brand AGL. Company has set a target to increase its touchpoints to over 10,000, expand the network of exclusive showrooms to 500 plus. The company expects higher sales in coming quarters due to its dominance in B & C class cities and focused penetration in the market.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22