Asian Granito India Ltd suffers net loss of Rs 8.7 cr in Q1Fy21

New Delhi: Asian Granito India Ltd suffered a consolidated net loss of Rs 8.7 crore for the first quarter of the current fiscal as compared to a net profit of Rs 12 crore in the corresponding quarter of the previous fiscal.

The consolidated total revenues fell 59 percent to Rs 129 crore for the first quarter of the current fiscal as compared to Rs 312 crore in the corresponding quarter of the previous fiscal, the company said in a regulatory filing.

The EBITDA was Rs 3.76 crore for the first quarter of the current fiscal as compared to Rs 34 crore in the corresponding quarter of the previous fiscal. The EBITDA margin was 2.9 percent for the first quarter of the current fiscal as compared to 11 percent in the corresponding quarter of the previous fiscal.

The company is seeing green shoots in the demand of its products, especially from rural and semi-urban areas. The export business of the company was 23 percent of the total revenues for the first quarter of the current fiscal as compared to 13 percent in the corresponding quarter of the previous fiscal.

The company plans to grow its export network to more than 100 countries in the ongoing fiscal. It has also set a target to grow retail touch points to more than 10,000 and exclusive showrooms to more than 500 in the ongoing fiscal.

 

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