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Ahmedabad (Gujarat) [India], May 23: 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 FY23-24 ended 31st March 2024 as compared to the business performance reported in FY 22-23.
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
Financial Highlights (Standalone)
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 reported de-growth of 4% to Rs. 1305.14 crore in FY24 as against net sales of Rs. 1353.74 crore in FY23. EBITDA for FY24 stood at Rs. 29.61 crore (EBITDA Margin 2.27%) as against negative EBITDA of Rs. 38.52 crore (EBITDA Margin negative 2.85%) in FY23.
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 reported de-growth of 12% to Rs. 350.79 crore as against sales of Rs. 398.59 crore in Q4 FY23. EBITDA for Q4 FY24 stood at Rs. 8.18 crore (EBITDA Margin 2.33%) as against negative EBITDA of Rs. 43.55 crore (EBITDA Margin negative 10.93%) in Q4 FY23.
Financial Highlights (Consolidated)
Consolidated Highlights: – FY24 Results
The Company has reported a consolidated net loss of Rs. 20.07 crore for the financial year ended 31st March 2024 as compared to the net loss of Rs. 87.01 crore for the full year of FY23. Consolidated Net sales of the company reported de-growth of 2% to Rs. 1530.59 crore in FY24 as against net sales of Rs. 1562.72 crore in FY23. EBITDA for FY24 stood at Rs. 50.98 crore (EBITDA Margin 3.33%) as against negative EBITDA of Rs. 68.11 crore (EBITDA Margin negative 4.36%) 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.
Consolidated Highlights: – Q4 FY24 Results
The Company has reported a consolidated net loss of Rs. 5.54 crore for Q4 FY24 as compared to the net loss of Rs. 48.41 crore for Q4 FY23. Consolidated net sales for Q4 FY24 reported de-growth of 7% to Rs. 423.63 crore as against sales of Rs. 455.75 crore in Q4 FY23. EBITDA for Q4 FY24 stood at Rs. 19.89 crore (EBITDA Margin 4.70%) as against negative EBITDA of Rs. 44.05 crore (EBITDA Margin negative 9.66%) 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.
About Asian Granito India Limited
Established in the year 2000, Asian Granito India Ltd. (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, Sanitaryware 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 employee strength of 6,000 plus.
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 235 plus exclusive franchisee showrooms, 12 company owned display centers across India. Further, the Company has an extensive marketing and distribution network pan India with 14,000 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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