Asahi India Glass Q1 net profit up
Asahi India Glass (AIS), an integrated glass company, reported an increase of 38.33% in its net profit during the first quarter of 2017-18. Its net profit stood at Rs. 39.19 crore during the said period. The company had posted a net profit of Rs 28.33 crore in the same period of previous fiscal.
Its net sales stood at Rs. 670.98 crore, reflecting an increase of 8.60% over the previous period where it recorded sales worth Rs. 617.84 crore.
Sanjay Labroo, MD & CEO of the company said, “Current macro environment has been largely positive on glass industry mainly due to strong foreign inflows, a good monsoon leading to pick up in rural demand, introduction of GST and massive improvement of credit available to good borrowers. Our operating margins remained under pressure from some cost increases. However, we managed to offset the same through better operations.”
AIS has implemented some operational upgrades in their float glass plant at Roorkee leading to productivity increases from the next quarter, it said in a BSE filing.
The company has recently migrated to the new IndAS method of accounting. “We also welcome the new regulations & standards from the government for architectural glass which shall be beneficial to everyone in the long term. As required by law, we have migrated to the new IndAS method of accounting and therefore, our results have been restated this quarter with minor upside on PAT coming from positives in depreciation,” added Labroo.