The consolidated sales for the quarter ended Sep ’06 had gone up by 13% to Rs 175.35 crore and the net profit had jumped to Rs 15.29 crore from Rs 0.44 in the corresponding previous quarter.

Net Sales of Asahi India Glass improved by 12% to Rs 173.62 crore for the quarter ended September 2006. There had been a reduction in the OPM by 40 basis points to 17.5%. The raw material cost as a proportion to sales, net of stocks has risen up by 480 basis points to 34.3%. And likewise the power & fuel has risen by 210 basis points to 16.1%. Though staff cost was lower by 70 bps to 7% and others expenditure was lower by 290 bps to 20.7% that could not full cover the rise in material and fuel cost thus allowing OPM to erode by 40 bps. As result the operating profit was higher by just 9% to Rs 30.30 crore.

The other income (net of the exchange rate gain on foreign currency loan) has changed from loss to profit of Rs 0.94 crore, thereby the resulting PBIDT increased by 9% to Rs 30.61 crore. The interest cost trebled by 199% to Rs 6.60 crore as result PBDT declined by 7% to Rs 24.01 crore. The PBT before extra ordinary items stood declined by 15% to Rs 9.68 crore with depreciation cost dip by just Rs 5 lakh at Rs 14.33 crore. The extra ordinary income inclusive of the profit from sale of freehold land at Roorkee, uttranchal amounting to Rs 11.72 crore and the profit from the prior period adjustment of about Rs 0.41 crore was higher than the extra ordinary expenditure of Rs 0.03 crore on account of deferred revenue expenses turned out to benefit the company against the extra ordinary expenses of Rs 9.3 crore inclusive of deferred revenue expenses of Rs 0.03 crore, prior period adjustment of Rs 0.07 crore and other expenses of Rs 9.20 crore incurred during the corresponding previous period, lifting the PBT after extra ordinary items to Rs 22.41 crore compared to Rs 85 lakh in the corresponding previous period. Taxation was higher at Rs 7.59 crore as against Rs 41 lakh. Limited by higher taxation to some extent the PAT was higher at Rs 14.82 crore as against Rs 44 lakh in the corresponding previous period.

The consolidated net sales of the company had increased by 13% to Rs 175.35 crore. The OPM fell by 20 basis points to 17.5%. Pressure on margin was largely on account of higher material and fuel cost. Consequently the operating profit stood increased to Rs 30.61 crore, a rise of 11% y-o-y.

The other income net of the exchange rate loss on the foreign currency loan of Rs 4.37 crore had turned to profit from the loss and stood at Rs 1.01 crore, resulting in rise of the PBIDT by 11% to Rs 30.99 crore. The interest charges had jumped up by 197% to Rs 6.63 crore. And depreciation was lower by just Rs 5 lakh to Rs 14.38 crore. Thus PBT before EO stood decreased by 11% to Rs 9.98 crore. Spurred by higher EO income of Rs 12.09 crore encompassing the prior period adjustment of Rs 0.09 crore and the profit on the freehold land in Roorkee sold at Rs 11.72 crore net of the deferred revenue expenses of Rs 0.04 crore during quarter ended September 2006 (as against an expenses of Rs 9.3 crore, inclusive of the deferred revenue expenditure of Rs 0.03 crore, prior period adjustment of Rs 0.07 crore and other expenses of Rs 9.2 crore during the corresponding previous period) the PBT after extra ordinary item stood higher at Rs 22.7 crore as against Rs 66 lakh in the corresponding previous period. The tax incidence rose steeply to Rs 7.63 crore (as against Rs 41 lakh) thus left PAT was at Rs 15.07 crore. The share of the profits from the associates increased by 42% to Rs 0.27 crore resulting in the jump in the net profit to Rs 15.29 crore as against Rs 44 lakh in the corresponding previous period.

For the half-year ended September 2006 the net sales of Asahi India Glass had increased by 12% to Rs 346.41 crore. There had been a substantial reduction in the OPM by 130 basis points to 18.1% thus taking the operating profit to Rs 62.59 crore, a rise of just 5%. Boosted by higher extra ordinary income of Rs 11.75 crore inclusive of the prior period adjustment of Rs 0.09 crore and the profit of Rs 11.72 crore earned on account of sale of the freehold land in Roorkee net of the extra ordinary expenses of the deferred revenue expenses of Rs 0.06 crore during the quarter ended September 2006 against the extra ordinary expenses of Rs 9.34 crore deferred revenue expenses of Rs 0.06 crore, prior period adjustment of Rs 0.08 and the other expenses of Rs 9.2 crore during the corresponding previous period, the profit after extra ordinary items went up by 59% to Rs 30.17 crore. The tax incidence had risen by 378% to Rs 10.37 crore and had cramped up the profit after tax by 18% to Rs 19.80 crore.

Consolidated Half Yearly performance

During the half-year ended September 2006 the net sales had augmented by 13% to Rs 349.44 crore. The OPM slipped by 100 basis points to 18.1%. Operating profit went up by 7% to Rs 63.42 crore. Boosted by higher extra ordinary income amounting to Rs 11.74 crore which is a net of the income earned on the sale of the freehold land at Roorkee of Rs 11.72 crore in addition to the profit on prior period adjustments of Rs 0.09 crore and the incurrence of deferred revenue expenses of Rs 0.07 crore in the quarter ended Sep ’06 in comparison to the net expenses of Rs 9.35 crore inclusive of the deferred revenue expenses of Rs 0.07 crore, prior period adjustment of Rs 0.08 crore and other expenses of Rs 9.2 crore in the corresponding previous period along with the share of profits from the associates had increased the net profit by 26% to Rs 20.82 crore.

The revenue from the automotive glass for the company grew by 17% to Rs 109.84 crore for the quarter ended September 2006. The PBIT from this segment significantly rose by 13% to Rs 14.36 crore. The contribution from this segment to total revenue is 58% and to the total PBIT is 51%.

The float glass segment revenue had declined by 9% to Rs 59.27 crore in the September 2006 quarter against Rs 65.25 crore in the corresponding previous period. The PBIT for the segment has turned out to be a profit from loss. This segment had contributed 31% to the total revenue and 9.57% to the overall PBIT.

For the quarter ended September 2006 the revenue from this segment had also improved by 17% to Rs 109.84 crore and that of the PBIT by 13% to Rs 14.36 crore contributing 57% to the total revenue and 50% to the total PBIT of the company.

The consolidated revenue from the float glass dipped by 9% to Rs 59.27 crore contributing 31% to the total revenue of the company. However, the consolidated PBIT turned favorable contributing 14% to the total PBIT.

There had been a 16% escalation in the revenue from the segment to Rs 216.56 crore and in the PBIT from the segment by 7% to Rs 28.57 crore for the half-year ended September 2006. This segment had 59% contribution to the total revenue and 60% to the total PBIT.

The float glass segment revenue shrunk by 9% to Rs 121.46 crore and that of the PBIT climbed up impressively by 820% to Rs 9.57 crore during the half year ended September 2006 against Rs 1.04 in the corresponding previous period. Contribution from this segment to the total revenue and PBIT had been 33% and 20%.

The revenue from this segment expanded by 16% to Rs 216.56 crore, however the PBIT improved only by 7% to Rs 28.57 crore. Segment contribution to the total revenue and the PBIT had been 59% and 60% respectively.

The revenue slipped by 9% to Rs 121.46 crore from this segment and the PBIT surged by 820% to Rs 9.57 crore. The segment has contributed 59% to the total revenue and 20% to the total PBIT.

Other Developments:

Asahi India, the premier manufacturer of the international float glass is in the process of setting up the largest integrated plant at Roorkee, Uttranchal that is to commence its production by December 2006. The company is expecting the market share to go up to 35% from the current level of 20%.