Companies

Asian Granito posts Q1 standalone loss at ₹5 crore

Our Bureau Ahmedabad | Updated on August 20, 2020

etrified tiles with artistic designs exhibited by Asian Granito in Coimbatore (file photo)   -  K Ananthan

Tiles and sanitaryware maker Asian Granito India Ltd registered standalone net loss of ₹ 5 crore for the first quarter ended June 2020, as against the net profit of ₹6 crore in the corresponding quarter last year.

Company’s standalone revenues from operations for the first quarter stood at ₹112 crore, as against ₹252 crore in the corresponding period last year.

On consolidated basis, the company posted a net loss of ₹8 crore as against profit of ₹13 crore in the same quarter last year. Consolidated revenues from operations stood at ₹129 crore as against ₹312 crore in the same period last year.

Regarding the losses in the first quarter, the company stated that due to pro-active steps taken by management in controlling expenses it was able to report operating profit in current Covid situation.

It reported consolidated EBITDA of ₹3.76 crore on consolidated sales of ₹129.4 crore during the Q1FY21 ended June 2020.

Kamlesh Patel, CMD, Asian Granito, said, “Despite a challenging economic and business environment due to Covid-19, the company has delivered good operational and financial performance for Q1FY21. The company’s strong presence in the rural and tier II cities, focussed on the progressive middle class of the country and good demand from export market have helped the company 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 increase revenue and profitability in coming quarters,” added Patel.

Asian Granito shares ended at ₹235.35 on Thursday, up 1.7 per cent from previous close on BSE.

Published on August 20, 2020

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