Ahmedabad (Gujarat) [India], Sep 17 (ANI): Home decor major Asian Granito Ltd (AGL) plans to clock export business of Rs 400 crore in the current fiscal of FY21-22 and expand its business network across 120 countries.
For FY20-21, it reported consolidated export sales of Rs 216 crore with business network in 100 countries.
The company said anti-China sentiments, lower duties on export to the United States, robust export orders from Europe, the Middle East, the United Kingdom and the United States are driving Indian exports.
Kamlesh Patel, Chairman and Managing Director, said that despite challenges of Covid-19, the demand from international markets has remained strong.
"Exports during the past three months have seen considerable jump, and are constantly increasing due to ongoing spat between the United States and China. All larger players in the industry are currently working at a capacity of 80 to 85 per cent due to robust export orders," he said in a statement.
Asian Granito offers a wide range of products including, ceramic floor, digital wall, vitrified, parking, porcelain, glazed vitrified, outdoor, natural marble, composite marble and quartz.
Globally, India ranks second and produces nearly 13 per cent of the global ceramic tiles output. Increased duties on Chinese tiles have further made Indian tile products more competitive in world markets.
The United States has imposed anti-dumping duty of upto 356 per cent and anti-subsidy duties of upto 358.8 per cent on Chinese ceramic tiles products.
For FY 21, Asian Granito reported a net profit of Rs 57 crore on a consolidated basis, marking a growth of 36 per cent year-on-year. Net sales were reported at Rs 1,292 crore with 6 per cent growth and EBITDA was Rs 136 crore with 16 per cent growth.
The company recently announced a rights issue of Rs 224.65 crore to repay and prepay certain outstanding borrowings, meeting working capital requirements for business activities and for general corporate purposes.
The right issue was offered at a price of Rs 100 per share with 40 per cent discount to current share price of Rs 166 per share on September 3. It will close on October 7. (ANI)