By IANS,
Ahmedabad : Vitrified tile maker Asian Granito India Ltd (AGIL) has marked an impressive performance in 2007-08 fiscal. The company posted a growth of 26.27 percent in its total earnings of Rs.2.4 billion ($60 million) in the period, said the unaudited figures released Monday.
The ánnual growth is close to 30 percent, forecast by the Ceramic World Review for the next five years. AGIL also expressed the hope that the turnover would increase to Rs.4 billion in 2008-09, as new marble projects will be operational from September this year.
According to the data, the earnings were Rs.500 million more than the previous year (2006-07). AGIL became a public limited company in last July after its initial public offering.
The company is now setting up a new unit, adjoining its plant at Dalpur, 60 km from here, at an investment of Rs.486 million. The new plant’s manufacturing capacity is 50,000 tonnes of wall tiles a year.
AGIL’s profit after tax increased to Rs.294.8 million compared to Rs.230 million for the year ended March 31, 2007. AGIL’s sales income for the January-March 2008 quarter totalled Rs.744.3 million, compared to Rs.523.4 million in the corresponding period of the previous fiscal (audited).
“We are happy with the results achieved and also for starting the commercial production in January this year, one year ahead of schedule,” said Husmukh Patel, managing director of GIL.
Asked whether the company had any plans to enter the export market, Patel said: “Right now our focus is on serving the domestic market where because of the ongoing construction boom, the realisations are better than the overseas market.”