Asian Granito India Ltd. share price target

Asian Granitos (AGIL) Q2FY19 numbers were disappointing and below our estimates on all parameters. While the volume growth was 8.4% YoY, poor realizations impacted the overall revenue growth, which stood in low single digits at 2.9% YoY. EBITDA margins contracted sharply by 712bps YoY to 6.4%, impacted by muted realization, higher gas prices and staff cost.

Asian Granito India Ltd. (AGL) continue to report weak numbers in Q2FY19, sales/volume grew by ~3%/8.4% YoY, respectively, and realization down by (5.7)% YoY.

We recently met the management team of Asian Granito India Ltd. (AGL) to better gauge their operation, strategy and sector headwinds.

Subdued Performance on Cost Pressure & Dismal Realisation Led by subdued realisation and higher gas prices, Asian Granito India (AGIL) has reported a weak performance in 1QFY19, with its reported revenue growing by a moderate 6% YoY (+11% GST adjusted) to Rs2.4bn. EBITDA fell by 30% YoY and 44% QoQ to Rs204mn, while EBITDA margin contracted by 445bps YoY and 71bps QoQ to 8.6%. While sales volume grew by a strong 23% YoY (-35% QoQ) to 8msm, a substantial 14% YoY and 6% QoQ decline in blended realisation to ~Rs298/sm along with ~16% YoY jump in gas prices dragged its quarterly operating performance. Further, 2QFY19 performance is also expected to be affected by transport strike...

Asian Granito (AGIL) reported mixed performance for Q4FY18. Net revenue growth stood healthy at 17.7% YoY, led by strong volume growth of 29%. However, EBITDA grew marginally by 5.3% YoY, while EBITDA margins declined by 109bps YoY to 9.3%, impacted by higher staff cost.

Asian Granito India (AGIL) has reported a mixed performance in 4QFY18. While its revenue grew by ~18% YoY and ~49% QoQ to Rs3.9bn led by 29% YoY volume growth, its reported EBITDA grew by just 5.4% YoY and 0.4% QoQ to Rs363mn led by higher employee cost owing to addition of new workforce especially in GVT division and revision in gratuity guidelines. Thus, the resultant EBITDA margin declined by 109bps YoY and 445bps QoQ to 9.3%. Despite 15% YoY reduction in interest cost, its net profit remained broadly flat on YoY comparison (+34% QoQ) at Rs172mn. Notably, receivable substantially jumped to Rs4bn (132 days vs. 110 days) mainly led by higher sales in Mar'18, which is to be settled in current quarter. Despite strong volume in FY18, AGIL...

Asian Granito India Ltd. (AGL) has reported Q4FY18 revenues at INR 392cr (up 17.7% YoY), 10% above our estimates.

Asian Granito India Ltd. (AGL) has reported Q3FY18 revenues at INR 264cr (up 6.4% YoY), inline with our estimates. The sales growth was supported by strong growth in volume and...

For 3QFY2018, Asian Granito (AGL) posted results in line with our expectations on top-line basis, however bottom-line disappointed. Revenue grew by ~6% yoy (after adjusting exercise duty top-line growth grew ~13.8% ) to `264cr, driven by strong volume growth of ~25%. On the operating front, margins contracted by 10bps yoy due to higher po..

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Asian Granito India Ltd. (AGL) has reported better result with the strong tile volume growth and margin improvement with the higher own manufacturing. The flat sales was due to reduction...

Established in 2000, Asian Granito India Ltd. (AGIL) is the fourth largest ceramic company in India with a global footprint across 53 countries. AGIL manufactures and markets interior & infrastructure products like vitrified wall & floor tiles, porcelain, natural marble composite and quartz. It has 8 state of the art manufacturing units spread across Gujarat and has 196 exclusive showrooms across lndia.

Our experts provide an insight on how Asian Granito - one of the largest tile manufacturers in India is steadily expanding its portfolio and driving towards profitablity.

Asian Granito India (AGL) is the fourth largest tiles manufacturer in India, with ~33MSM capacity and accounts for ~8% of the organised tiles market. It produces ceramic wall & floor tiles...

Asian Granito's 3QFY2017 results have come in line with our estimates on the bottom-line front, while the top-line front disappointed. Revenue grew by ~4% yoy, which is lower than our estimate. On the operating front, the company reported margin improvement, primarily on account of lower raw material cost. Further, on the bottom-line fron..

Considering the various initiatives taken by the government like smart cities, housing for all by 2022, and push towards providing sanitation would create a new demand avenue for entry level or lower priced tiles (ceramic tiles). We expect AGIL to report net revenue CAGR of ~9% to ~ Rs1,182cr over FY2016-18E. On the bottom-line front, we ..

Asian Granito India (AGIL) is engaged in the manufacturing and sale of ceramic wall, ceramic floor, vitrified tiles, digital polished glazed vitrified tiles, digital wall tiles, marble, and quartz. The company offers more than 1,200 designs and export its products in 50+ countries. It has eight manufacturing facilities spread across Gujar..