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Asian Granito targets exports of Rs 400 crore in fiscal year 22, Real Estate News, ET RealEstate

AHMEDABAD: Large interior design company Asian Granito Ltd (AGL) plans to register exports of Rs 400 crore in the current fiscal year of FY21-22 and expand its sales network to 120 countries.

For FY20-21, it reported consolidated export sales of Rs 216 crore with a sales network in 100 countries.

The company said anti-Chinese sentiments, lower export duties to the United States, robust export orders from Europe, the Middle East, the United Kingdom and the United States United stimulates Indian exports.

Kamlesh Patel, chairman and chief executive, said that despite the challenges of Covid-19, demand from international markets remained strong.

“Exports over the past three months have surged dramatically and are steadily increasing due to the ongoing conflict between the United States and China. All the major players in the industry are currently working at 80-85% capacity due to robust export orders. , he said in a statement.

Asian Granito offers a wide range of products including, ceramic flooring, digital wall, vitrified, parking, porcelain, glazed vitrified, exterior, natural marble, composite marble and quartz.

Globally, India ranks second and produces almost 13% of the world’s ceramic tile production. The increase in tariffs on Chinese tiles has made Indian tile products more competitive in world markets.

The United States has imposed anti-dumping duties of up to 356% and anti-subsidy duties of up to 358.8% on Chinese ceramic tile products.

For fiscal year 21, Asian Granito reported net profit of Rs 57 crore on a consolidated basis, marking a 36% year-over-year growth. Net sales were reported at Rs 1,292 crore with 6% growth and EBITDA was Rs 136 crore with 16% growth.

The company recently announced a rights issue of Rs 224.65 crore to repay and prepay certain outstanding loans, thereby meeting working capital requirements for business activities and general corporate purposes.

The rights issue was offered at a price of Rs 100 per share with a 40% discount from the current price of Rs 166 per share on September 3. It will close on October 7.

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