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Asian Granito India Limited (AGL), one of the country's largest Luxury Surfaces and Bathware Solutions brands, has reported excellent financial performance in FY22. Led by healthy volume growth and better realisation, the company reported its highest-ever Yearly Sales, EBITDA and Net Profit for the FY ended March 2022. The company has achieved a successful closure of the Rights issue of Rs 440.96 crore to fund expansion in the value-added luxury surfaces and bathware segment, including GVT tiles, sanitaryware, SPC flooring, etc. The company has recommended a dividend of 7 per cent, Rs 0.70 per share on the face value of Rs 10 per share for the FY 2021-22.For FY22, the company has reported net sales of Rs 1563.8 crore, higher by 21 per cent over the previous fiscal's same period net sales of Rs 1292.3 crore. EBITDA for Year ended March 2022 was reported at Rs 124.6 crore (EBITDA margin at 8 per cent). Net Profit for the FY2022 stood at Rs 91.8 crore (PAT Margin 5.9 per cent) compared to a net profit of Rs 57.2 crore (PAT Margin 4.4 per cent). Exports for FY22 were reported at Rs 204.9 crore.Commenting on the results and performance, Kamlesh Patel, Chairman and Managing Director, said, "Led by healthy volume growth and better realization, the company reported its highest-ever Yearly Sales and Net Profit for the FY ended March 2022. Thanks to the efficient product mix and strategy to pass the escalated costs, the company strengthened its market share and presence in the domestic and global markets. The ceramic industry has faced extraordinary pressure on input costs in FY22, i.e. gas prices, raw materials, coal prices and international freight costs, etc.; despite the challenges, the company has continued to process on the growth path and reported good numbers for the Q4 as well as full-year of FY22. The goal to achieve company has become debt-free at standalone level now moving towards next aim to become debt-free on a consolidated level."Patel added, "Again want to express my gratitude and sincere thanks to our dear and esteemed shareholders and investors for their support and participation in the Rights Issue. We are delighted and humbled by their extraordinary show of confidence in the future of AGL. Our industry is witnessing tremendous growth in domestic and export markets and has grown at the highest pace globally in the past five years, thanks to the growing demand for value-added surfaces and bath-ware, favourable government initiatives and policies and a big push for housing and infra. The company's Enhanced Strategic Integration Programme (ESIP) is targeted to expand the margins and place the Company further up in the league table of Luxury Surfaces and Bathware Solutions Players, and this Rights Issue is a Mega Step towards the vision to achieve Rs 6,000 crore in topline in medium to long term."Achieves Successful closure of the largest Rights Issue by an Indian Ceramic Company:The rights issue of Asian Granito India Ltd received an overwhelming response from the shareholders and investors despite challenging times. It successfully closed the largest rights issue by an Indian ceramic company. The company's rights issue of Rs 440.96 crore achieved 127 per cent subscription and received bids for over 8.89 crore shares (Rs 561 crore) against 6.99 crore shares on offer. The rights issue proceeds shall be utilized towards the capex for the New Projects, additional working capital and general corporate purposes, etc. The Promoter and Promoter Group shareholders of AGL had participated in the Rights Issue for their full entitlement of 28.99 per cent shareholding in the Company. After completing the Rights Issue, total outstanding equity shares of the Company would increase to 12,67,45,316 from 5,67,51,634 equity shares as of March 31, 2022.Completes Land Acquisition for its Three New Greenfield Manufacturing Plants in Morbi: Company plans to set up three state-of-the-art manufacturing facilities at Morbi, Gujarat, in Value Added Luxury Surfaces & Bathware Segments, including GVT Tiles, Sanitaryware and SPC Flooring. The Company is also setting up one of India's largest Display Centres at Morbi. The company has completed the land acquisition and necessary due diligence, including land payment, registration and stamp duty fees for setting up plants under Future Ceramics Pvt Ltd, AGL Sanitaryware, and AGL Surfaces Pvt Ltd. Civil & engineering works at the sites will begin very soon. AGL is expected to strengthen its leadership position and generate peak sales of Rs 700 crore per annum from the three plants and contribute Rs 500 crore of revenue from display centres.New entities incorporated for Expansion:-- Future Ceramic Pvt Ltd - FCPL (wholly owned subsidiary of AGL) to manufacture Value Added Large Format Glazed Vitrified Tiles (GVT) in 1200x1200 mm, 1200x1800 mm, 1200x2400 mm, 800x1600 mm and 800x2400 mm formats. To capture the vast opportunities in the GVT space, FCPL is setting up a new manufacturing facility at Morbi, Gujarat, with an installed capacity of 5.94 million sq. mtrs. Per annum. The estimated cost for setting up the new manufacturing unit in FCPL is around INR 174 crore. The plant is expected to generate around Rs 400 crore at optimum capacity.- AGL Sanitaryware Pvt Ltd - ASWPL (a wholly-owned subsidiary of AGL) plans to establish an in-house manufacturing unit for Sanitaryware products. Currently, AGL deals in a range of Sanitaryware products manufactured through third party manufacturers and imported from outside India and are marketed under AGL Brand. To strengthen and scale up the Sanitaryware segment, the Group is setting up a manufacturing facility at Morbi, with an installed capacity of 0.66 million pieces per annum. The estimated cost for setting up the proposed new unit is around INR 46 crore. The plant is expected to generate revenue of around Rs 100 crore at optimum capacity.- AGL Surfaces Pvt Ltd - ASFPL (a wholly-owned subsidiary of AGL) to manufacture innovative new age Stone Plastic Composite (SPC) flooring. ASFPL is incorporated as part of the Company's strategy to expand its product portfolio and presence in high growth-oriented export markets through value-added offerings. The manufacturing facility is proposed to be set up at Morbi with an installed capacity of 2.97 million sq. mtrs. of flooring per annum. The total estimated cost for setting up the new manufacturing unit in ASFPL is around INR 33 crore. The plant is expected to generate around Rs 200 crores at optimum capacity.- The Company is also setting up one of the World's largest display centres at India's Ceramic Tiles hub - Morbi, Gujarat- to showcase AGL Group's entire product range under a single roof, i.e. Tiles, Sanitaryware Bathware, Quartz and Engineered Marble, SPC, etc. The five-storey display centre is conceptualised in 1.5 lakh square feet of area. It aims to showcase AGL Group's production, technological excellence and best in class sourcing calibre in a single place and is also expected to enhance Company's brand and reach. The Company currently exports to more than 100 countries and planning to expand to 120 plus countries. The company targets increasing its retail touchpoints to over 10,000 and expanding exclusive showrooms to over 500. The total estimated cost for setting up the Display Centre is around INR 40 crore. The showroom will support additional revenue of Rs 500 crore in the next 4-5 years.Established in the year 2000, Asian Granito India Ltd. (AGL) has emerged as India's leading Luxury Surfaces and Bathware Solutions brand in 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, and quality consciousness, and the company has created a strong brand identity, well recognized globally and loyal customer following across segments.Ranked amongst the top ceramic tiles companies in India, AGL has achieved nearly 40 times growth in its production capacity, from 2,500 square meters per day in 2000 to 98,000 + square meters per day to date. AGL is also the only tiles company to be acknowledged in the Vibrant Gujarat Summit 2015 for achieving phenomenal growth.The Company has nine state-of-the-art manufacturing units spread across Gujarat and 311 exclusive showrooms, and 12 display centres across India. Further, the Company has an extensive marketing and distribution network pan India and export markets.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 and BSE and reported a net consolidated turnover of INR 1563.8crore in 2021-22. The Company exports to more than 100 countries. (For more information, please visit: )This story is provided by PNN.will not be responsible in any way for the content of this article. (ANI/PNN)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Agl sanitaryware, Latest News

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