Asahi India reported highest absolute sales figures; management aims to commence operation in greenfield float glass plant by Q2FY24-25!

We posted our highest absolute sales figures this quarter, which were backed by very strong and steep demand recovery in the automotive segment.

Asahi India Glass Limited (AIS) is India’s leading integrated glass company, which is engaged in the production and delivery of next-generation glass products and solutions to retail and institutional customers. The company announced its unaudited financial results for the second quarter ended September 30, 2022 at its board meeting held today.  

The consolidated financial performance highlights for the quarter ended September 30, 2022 are as follows -  

• Consolidated revenue at Rs.1,01,443 lakhs increased by 9.96 per cent over the corresponding figure of the previous quarter (Rs. 92,253 lakhs).  
• Net profit before tax at Rs. 15,884 lakhs, reflected a decrease of 2.51 per cent over the previous quarter (Rs. 16,293 lakhs).  
• Net profit after tax reached Rs. 10,435 lakhs, decreased by 1.77 per cent as against the corresponding figure of Rs. 10,623 lakhs for the previous quarter.  
• Operating profit stands at Rs. 22,019 lakhs, reflected a decrease of 1.84 per cent as against the corresponding figure of Rs. 22,432 lakhs in the previous period.  

The table below gives the details of the financial performance, both on standalone and consolidated basis –  

*excluding other comprehensive income  

Speaking about the performance of AIS, Mr. Sanjay Labroo, MD & C.E.O., AIS said –  

“I am happy to share that we posted our highest absolute sales figures this quarter, which were backed by very strong and steep demand recovery in the automotive segment. However, our operating profits remained almost flat during the quarter, resulting in a compression in EBIDTA margins. This was a result of inflation over the last quarter, especially in our automotive glass business which also witnessed very high volatility in model mix of the increased demand, leading to some operational inefficiencies versus our internal budgets.  

We are already in very active discussions with all our customers for appropriate support to counter the high inflation. I believe the same shall be settled over the next couple of quarters.  

I am also glad to update that our new project for setting up a greenfield float glass plant is progressing quite well and we target to commence operations in Q2 FY 24-25.”