Asahi India Glass Q1FY18 consolidated net profit jumps 38.3% YoY

Asahi India Glass Q1FY18 consolidated net profit jumps 38.3% YoY
Aug 2017 , by , in Latest News

Asahi India Glass records consolidated revenue for the quarter ended June 31 at Rs. 675.9 crore, registering 8.5% yoy increase. This was primarily driven by increase in segmental revenue from automotive glass by 11.5% yoy and float glass by 5.3% yoy.

Operating EBIDTA increased 7.89% at Rs. 109.85 crore over the corresponding figure of Rs. 101.82 crores for the previous period.

The PAT for the quarter came in at Rs. 39.1 crore, yoy increase of 38.3%. This was due to decrease in finance cost by 15% yoy.

Cash profit increased by 19.94% from Rs. 66.65 crores in Q4 FY 2016 to Rs. 79.94 crores in Q4 FY 2017.

Speaking on the results of the company, Mr. Sanjay Labroo, MD & C.E.O., AIS 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. There is strong demand of glass from automotive and construction segment and AIS has continued its momentum this quarter. Our operating margins remained under pressure from some cost increases. However, we managed to offset the same through better operations. A stable rupee also helped us.”

“We have also implemented some operational upgrades in our float glass plant at Roorkee leading to productivity increases from the next quarter. 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. Overall, we continue to look forward to consistent growth in auto and architectural segments as well as a stable macro environment,” he added.

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