Asahi India Glass' Q1 FY2018 revenue up 8.6% at Rs 671 crore

Asahi India Glass (AIS) the joint-venture between B M Labroo & Associates, Asahi Glass Co (Japan) and Maruti-Suzuki India, one of the leading integrated glass company in the country has reported revenues of Rs 671 crore in Q1 FY 2017-18, an increase of 8.6 percent YoY (Q1 FY2016-17: Rs 617 crore).

Operating EBIDTA came at Rs. 109 crore an increase of 7.89 percent (Q1 FY17:Rs 101.82 crores) while the cash profit increased by 19.94 percent.

The company saw its profit before tax (PBT) increase by 25.67 percent to Rs 57.91 crores in Q1 FY18 (Q1 FY17:Rs. 46.08 crore), profit after tax (PAT) increased by 38.33 percent in Q1 to Rs 39.19 crores (Q1 FY17: Rs. 28.33 crores).

Commenting on the result, Sanjay Labroo, MD & CEO, 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,” concluded Labroo.