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In the quarter ended March 2010, Asahi India Glass's consolidated net profit grew by whopping 299% to Rs 9.50 crore backed by overall robust performance across both operating and non operating side. The consolidated topline grew by marginal 7% to Rs 345.86 crore partially limited by degrowth in float glass sales. Nevertheless spurt in OPM by 830 bps boosted the operating profit by whopping 88% to Rs 66.55 crore. Growth in other income, decline in interest cost and depreciation cost led to growth of whopping 299% in net profit to Rs 9.50 crore.
Quarter Performance
The company's consolidated operating income grew by marginal 7% to Rs 345.86 crore largely due to fall in sales of float glass. The float glass sales slipped by 12% to Rs 151.69 crore. However robust growth in automotive glass sales by 42% to Rs 203.21 crore and others sales by 38% to Rs 27.03 crore improved the consolidated operating income.
Nevertheless, increase in operating profit margin (OPM) by 830 bps to 19.2% boosted the operating profit by whopping 88% to Rs 66.55 crore. In terms of cost, as % to sales net stock adjusted, raw material cost crashed by 690 bps to 26%. Also the other expenditure slipped by 600 bps to 26%. Only the cost of traded goods and power & fuel cost grew by 190 bps to 2% and 10 bps to 7% respectively.
Segmentwise, the PBIT margin of automotive glass grew by whopping 1490 bps to 17% lifting its PBIT by significant 965% to Rs 34.82 crore. Also the PBIT margin of float glass segment grew by 310 bps to 3% boosting its PBIT to Rs 5.12 crore against Rs 0.45 crore in March 2009 quarter. The PBIT margin of others stood at 5% against nil in March 2009 quarter resulting in PBIT of Rs 1.27 crore against Rs 0.06 crore in March 2009 quarter.
The profit levels improved with PBT of Rs 10.02 crore against LBT of Rs 32.15 crore thanks to decline in depreciation cost and interest cost and spurt in other income. The other income surged to whopping Rs 5.26 crore against Rs 0.27 crore in March 2009 quarter. On the other hand, the interest cost slipped by 13% to Rs 31.19 crore while the depreciation cost reduced by 4% to Rs 30.60 crore. Its PAT before minority interest grew by whopping 229% to Rs 9.25 crore post considering tax. On accounting PPA, minority interest and share of profit of associates, the company's net profit surged by outstanding 299% to Rs 9.50 crore.
On standalone basis, the company's total operating income grew by 5% to Rs 333.09 crore. Spurt in OPM by 890 bps to 19.2% boosted the operating profit by impressive 97% to Rs 63.83 crore. Increase in other income, decline in interest cost and depreciation cost led to PBT of Rs 8.86 crore against LBT of Rs 31.89 crore in March 2009 quarter. On accounting tax provision and PPA, the net profit settled with growth of whopping 182% to Rs 8.30 crore.
Annual Performance
In year ended March 2010, the consolidated topline grew by meager 6% to Rs 1318.73 crore. It was limited by downfall in float glass sales by 10% to Rs 636.12 crore. Nevertheless, automotive glass sales grew by healthy 37% to Rs 715.78 crore. Also the others sales grew by 17% to Rs 87.47 crore. Increase in OPM by 730 bps to 18.9% lifted the operating profit by impressive 72% to Rs 248.71 crore.
Segmentwise, automotive glass's PBIT grew by 1200 bps to 17% boosting its PBIT by whopping 346% to Rs 124.22 crore. On the other hand, the float glass reported nil PBIT margin against below 1% in FY 09 leading to LBIT of Rs 0.30 crore against PBIT of Rs 2.26 crore in FY 09. Others reported PBIT margin of 4% against LBIT margin of 2% in FY 09. It translated to PBIT of Rs 3.80 crore against LBIT of Rs 1.39 crore in FY 09.
Spurt in other income (by 592% to Rs 8.03 crore), flat growth in interest cost (by 2% to Rs 129.36 crore) and marginal growth in depreciation cost (by 10% to Rs 129.02 crore) limited the downfall in LBT by whopping 98% to Rs 1.64 crore. On accounting tax provision, PPA, minority interest and share of associates' profit, it recorded net profit of Rs 1.99 crore against net loss of Rs 42.63 crore in FY 09.
On standalone basis, the operating income grew by marginal 5% to Rs 1287.71 crore. Increase in OPM by 740 bps to 18.8% boosted the operating profit by impressive 73% to Rs 241.65 crore. The downfall in LBT was limited by whopping 98% to Rs 1.79 crore due to spurt in other income and marginal growth in non operating expenses. On accounting tax provision and PPA, the net profit stood at Rs 1.23 crore against net loss of Rs 40.60 crore in FY 09.
The promoters' share in the total shareholding increased to 55.21% in March 2010 quarter from 55.19% in Dec 09 quarter. However the share of promoters' pledged shares to the total has reduced to 11.69% in March 2010 quarter from 12.27% in Dec 09 quarter.
Currently the scrip is trading at Rs 69.85 on BSE.
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