Asian Granito reports Net Profit at Rs. 29.10 crore in FY24
| Business Highlights:- · In Q4 FY24 Net sales was reported at Rs. 424 crore, EBITDA at Rs. 20 crore, Net Loss at Rs. 6 crore · Exports for Q4 FY24 at Rs.76 crore; Exports during FY24 at Rs.246 crore comprising 16% of revenue · Company signed Bollywood star Ranbir Kapoor as brand ambassador and launched campaign “Premium ka Pappa” · Company is setting up Mega Display Centre cum Office at Ahmedabad with an estimated investment of Rs. 73.80 crore and also plans to setting up of Stock Point for Trading of Building Construction Material. · Inaugurated AGL Universe – a mega size showroom Panchkula, Haryana to expand the retail footprint · Embarked on a journey of enhanced strategic integration programme (ESIP) to achieve a long-term vision of achieving a total revenue of Rs. 6,000 Crore |
Ahmedabad, May 23, 2024: Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands has achieved a significant business turnaround, reporting a drastic improvement in the operational and financial performance during Q4 and FY 23-24 ended 31st March 2024 as compared to the business performance reported in FY 22-23.
Standalone Highlights: – FY24 Results
The Company has reported a standalone net profit of Rs. 29.10 crore for the financial year ended 31st March 2024 as compared to the net loss of Rs. 26.74 crore for the full year of FY23. Standalone Net sales of the company in FY24 was reported at Rs.1305.14 crore. EBITDA for FY24 stood at Rs. 29.61 crore as against negative EBITDA of Rs. 38.52 crore in FY23. Exports for the FY24 was reported at Rs. 246 crore, rise 9% Y-o-Y as compared to export of Rs. 226 crore in FY23.
Financial Highlights (Standalone)
| Q4 FY24 | Q4 FY23 | Y-O-Y | FY24 | FY23 | Y-O-Y | |
| Net Sales (Rs. Cr) | 350.79 | 398.59 | (12%) | 1305.14 | 1353.74 | (4%) |
| EBITDA (Rs. Cr) | 8.18 | (43.55) | 119% | 29.61 | (38.52) | 177% |
| EBITDA Margin (%) | 2.33% | (10.93%) | 1326 bps | 2.27% | (2.85%) | 511 bps |
| Net Profit (Rs. Cr) | 8.85 | (32.56) | 127% | 29.10 | (26.74) | 209% |
| Net Profit Margin (%) | 2.52% | (8.17%) | 1069 bps | 2.23% | (1.98%) | 421 bps |
Standalone Highlights: – Q4 FY24 Results
The Company has reported a standalone net profit of Rs. 8.85 crore for Q4 FY24 as compared to the net loss of Rs. 32.56 crore for Q4 FY23. Standalone net sales for Q4 FY24 was reported at Rs. 350.79 crore. EBITDA for Q4 FY24 stood at Rs. 8.18 crore as against negative EBITDA of Rs. 43.55 crore in Q4 FY23.
Commenting on the results and performance, Mr. Kamlesh Patel, Chairman and Managing Director said, “The Company has closed Q4 and FY24 on a high note, achieving better operational and financial performance, indicating a significant improvement. Moving forward, the company remains optimistic and is prepared for a quantum jump in the coming years. Strategic initiatives such as the Morbi expansion, AGL demerger, and signing Ranbir Kapoor as a brand ambassador indicate the company’s strong commitment towards growth and becoming a global brand. With steadfast commitment, the company aims to achieve a total revenue of Rs. 6,000 Crore, driven by a visionary long-term vision.”
In a strategic move to elevate its brand, company has signed Bollywood superstar Ranbir Kapoor as its brand ambassador and launched the “Premium ka Pappa” campaign. This partnership underscores the brand’s dedication to excellence and promises an exciting future. With Kapoor’s endorsement, the brand seeks to expand its reach, particularly among the youth, driving forward its vision of growth and connectivity. It also aims to resonate with consumers’ aspirations and emotions, establishing a strong connection with both trade partners and customers through its emphasis on premium experiences and sophisticated appeal.
Further to offer a comprehensive building materials solutions under one umbrella, company under AGL Sanitaryware Pvt. Ltd entered the Sanitaryware manufacturing. Company has installed 0.66 million pieces per annum cutting-edge Tech plant for sanitaryware products, marking a significant shift from third-party sourcing to internal manufacturing. The company expects the sanitaryware division to achieve a turnover of approximately Rs. 400 crore within the next five years.
AGL has recently unveiled AGL Universe, a grand showroom in Panchkula, Haryana, showcasing the company’s excellence in production, technology, and innovation. With lavish displays and realistic mockups, it features the latest Marblex, Stylex, Fresco, Tuffguard, Signature, and Artware collections. The showroom offers over 1400 premium tiles and surfaces, including Glazed Vitrified tiles, Grand Slabs, Engineered marble, Quartz, and Sanitaryware.
Company is also setting up Mega Display Centre cum Office at Ahmedabad with an estimated investment of Rs. 73.80 crore and also plans to setting up of Stock Point for Trading of Building Construction Material.
