Tiles maker Asian Granito India Ltd on Wednesday announced standalone net profit of INR 6.87 crore for the quarter ended September 2017, up 20% from INR 5.72 crore in the corresponding quarter a year ago.
Company’s total income for the quarter under review stood at INR 242.33 crore, down from INR 262.83 crore in the corresponding quarter a year ago.
For the six months period (April-September), company’s net profit stood at INR 14.16 crore, up 23% from INR 11.52 crore in the corresponding period a year ago.
Total income for the six-month period stood at INR 455 crore down from INR 465 crore in the same period last year.
On consolidated basis, company’s net profits stood at INR 14 crore for the quarter ended September 2017, up 55% from INR 9 crore in the same period a year ago.
Total consolidated income for the quarter stood at INR 276 crore, down from INR 291 crore in the corresponding quarter a year ago.
Kamlesh Patel, Chairman and MD, Asian Granito India Ltd said, “EBITDA & PAT Margins have improved by 120 basis points to 13.5% and by 140 basis points to 5.1% respectively. This is mainly due to continuous innovation by adding new value add products to out portfolio and improved efficiency of our operations.”
The Government has reduced GST on Tiles and Marble from 28% to 18%. This is extremely positive for the ceramic industry as a whole. This will not only augment sector growth but will also encourage unorganised players to pay taxes which were facing problems post demonetisation and slowdown in real estate, the company stated.
(Source: www.thehindubusinessline.com)
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