NEW DELHI: Asian Granito India has reported net consolidated profit after tax of Rs 35.36 lakh in the quarter ended June 30, 2024. It had registered net loss after tax of Rs 3.54 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 343.66 crore in Q1 FY25, a growth of 0.98 per cent from Rs 340.31 crore it recorded in the similar quarter last year.
Kamlesh Patel, chairman and managing director of the company said, “The company has commenced the financial year with enhanced operational and financial performance in Q1 FY25. The company aims to achieve a total revenue of Rs. 6,000 crore, driven by a visionary long-term strategy.”
The board of directors has approved the proposal of the management to enter into the market of GCC Countries
through incorporation of foreign wholly-owned subsidiary (WOS)/foreign subsidiary company in Sharjah or
Dubai and having an object to undertake the trading activities pertaining to ceramic and porcelain tiles.
The board also considered and approved disinvestment upto 49% of company’s stake from Harmony Surfaces Marbles Trading LLC, a Sharjah based company, a wholly-owned subsidiary by selling/transferring the shares held by the company in favor of one or more proposed investors.
Consolidated net sales for the first quarter of FY24-25 reported growth of 3% to Rs. 343.2 crore as against net sales of Rs. 334.8 crore in Q1 FY23-24. Exports for Q1 FY25 was reported at Rs 50 crore; comprising of 15% of revenue.
The company has completed its expansion plans by establishing manufacturing units under Future Ceramic and AGL Sanitaryware. Additionally, it is investing Rs. 73.80 crore to set up a display centre-cum-office in Ahmedabad and a stock point for trading building construction materials.
The board of directors on July 4, 2024 have approved the proposal to increase the authorised capital of the
company from Rs. 150 crore consisting of 15 crore equity shares of Rs. 10 each to Rs. 320 crore consisting of 32 crore equity shares of Rs. 10 each.
In June 2024, company has incorporated subsidiary, AGL Stones LLP with an objective to carry on trading activities in various types of tiles mainly large slabs tiles, quartz slabs etc. and it will specifically focus on exports to USA market. Asian Granito India holds 51% in the venture.
Source Homevior.in
