The shares of one of the leading ceramic company gained up to 8 percent after the company announced the expansion into sanitary ware production with AGL Sanitaryware Pvt Ltd
With a market capitalization of Rs 970.36 crore, The shares of Asian Granito India Ltd were trading at Rs 76.50 per share, increasing around 6.72 percent as compared to the previous closed price of Rs 71.68 apices.
According to the company filing, Asian Granito India Ltd announced the expansion into sanitaryware production with AGL Sanitaryware Pvt Ltd, a wholly-owned subsidiary of the company, the expected turnover of around Rs. 400 crore from the sanitaryware and bathware division in five years.
In addition to the above paragraph, AGL Sanitaryware Pvt. Ltd has completed the construction of the cutting-edge plant, marking a significant shift from third-party sourcing to internal manufacturing. The installed capacity of the sanitaryware plant is 0.66 million pieces per annum.
Asian Granito India Ltd is the fourth largest listed ceramic tile firm, with 54.5 million square meters of installed capacity, 14 factories, and over 6,500 touchpoints in over 100 countries.
With a substantial investment of Rs. 174 Crores and a robust installed capacity of 5.94 million sq. mtrs. per annum, Future Ceramic Pvt. Ltd., our wholly-owned subsidiary of the company, began a new manufacturing facility for commercial operation dedicated to producing high-value large-format glazed vitrified tiles (GVT).
Looking into Asian Granito India Ltd’s performance, revenue increased by 0.79 percent from Rs 397.77 Crore in Q2FY23 to Rs 400.93 Crore in Q2FY24. During the same duration, the net loss reduced from Rs 7.57 crore to Rs 2.80 crore.
When it comes to revenue from the geographic segment, the Asian Granito India revenue in India decreased by 2 percent, from Rs 1,168.81 crore in FY2021–22 to Rs 1,146.26 crore in FY2022–23, while revenue from outside of India increased by 11 percent from Rs 177.30 crore in FY2021-22 to Rs 197.13 crore in FY2022-23.
Asian Granito India Ltd has emerged as one of India’s top ceramic firms, producing a comprehensive range of high-quality Ceramic Tiles, Engineered Marble, and Quartz.
Written by:- Abhishek Singh
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