Asian Granito India Ltd Shrinks Loss to Rs 5.46 Crore in Q4 FY24

Asian Granito India Ltd (AGL) reported a reduced consolidated net loss of Rs 5.46 crore in Q4 FY24, compared to Rs 48.17 crore in the same period last year. The Ahmedabad-based company improved operational efficiency and cut expenses, though revenue fell by 7.05%. AGL's standalone profit hit Rs 9.06 crore.

Bathware and tiles manufacturer Asian Granito India Ltd (AGL) has reported narrowing its consolidated net loss to Rs 5.46 crore in the quarter ending March 2024 helped by increased operational efficiency and lower expenses.

It had reported a loss of Rs 48.17 crore in the January-March quarter of 2022-23, the company said in an exchange filing on Thursday.

The Ahmedabad-based company's revenue from operations was down 7.05 per cent to Rs 423.63 crore during the latest fourth quarter as compared to Rs 455.75 crore in the year-ago period.

Its total expenses dropped 17.5 per cent to Rs 427.89 crore in the fourth quarter of FY24 as against Rs 518.84 crore a year ago.

However, on a standalone basis AGL has reported a profit of Rs 9.06 crore, coming back in black in the March quarter. For the fiscal year 2023-24, AGL said its net loss narrowed to Rs 19.90 crore as against Rs 86.90 crore a year ago. ''The company closed Q4 and FY24 on a high note, achieving better operational and financial performance, indicating a significant improvement,'' AGL Chairman and Managing Director Kamlesh Patel said. He said the company aims for a turnover of Rs 6,000 crore in coming years on the back of strategic expansion plans.

AGL said its exports rose by 9 per cent to Rs 246 crore in FY24. the company expects the sanitaryware division to achieve a turnover of approximately Rs 400 crore within the next five years.

The company has signed Bollywood actor Ranbir Kapoor as its brand ambassador.

AGL shares closed the session on BSE at Rs 62.35 apiece on Friday, down 2.68 per cent from previous close.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)