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In the quarter ended June 2010, Asahi India Glass reported consolidated net profit of Rs 2.78 crore against net loss of Rs 7.81 crore on improved operating performance and fall in non operating expenses. The consolidated operating income grew by marginal 9% to Rs 339.87 crore limited by flat sales in float glass segment. Nevertheless, increase in OPM by 160 bps lifted the operating profit by 20% to Rs 64.92 crore.
Quarter Performance
The company's consolidated operating income grew by marginal 9% to Rs 339.87 crore largely limited by flat growth in float glass sales. The float glass sales grew by meager 5% to Rs 162.27 crore. Nevertheless, the growth in automotive glass by 25% to Rs 190.29 crore and others by 39% to Rs 27.04 crore lifted the total operating income. Increase in operating profit margin (OPM) by 160 bps to 19.1% improved the operating profit by 20% to Rs 64.92 crore. In terms of cost, as % to sales net stock adjusted, the raw material cost slipped by 520 bps to 26%. On the other hand, other expenditure grew by 210 bps to 26%. Also the staff cost increased by 70 bps to 8%. The cost of traded goods and cost of fuel increased by 130 bps to 2% and 80 bps to 20% respectively.
Segmentwise, the PBIT margin of automotive glass crashed by 330 bps to 13% resulting in constrained PBIT of Rs 24.76 crore against Rs 24.87 crore in June 2009 quarter. Also the others' PBIT margin slipped by 320 bps to 3% pulling down its PBIT by 32% to Rs 0.84 crore. However the float glass segment recorded PBIT margin of 5.70% against LBIT margin of 2.90% enabling PBIT of Rs 9.18 crore from LBIT of Rs 4.40 crore in June 2009 quarter.
The company recorded consolidated PBT of Rs 3.76 crore against LBT of Rs 12.05 crore in June 2009 quarter due to fall in the interest cost and depreciation cost. The interest costs slipped by 8% to Rs 31.02 crore while the depreciation cost reduced by 7% to Rs 30.26 crore. The other income reduced by 40% to Rs 0.12 crore. However on accounting tax provision (against tax write back in June 2009 quarter), the PAT stood at Rs 2.90 crore against LAT of Rs 7.99 crore. The company settled with net profit of Rs 2.78 crore against consolidated net loss of Rs 7.81 crore in June 2009 quarter post accounting minority interest and share of associates.
The promoters' share in the total shareholding is unchanged at 55.21% in June 2010 quarter. However the share of promoters' pledged shares to the total has increased to12.19% in June 2010 quarter from 11.69% in March 2010 quarter.
Currently the scrip is trading at Rs 73.25 on BSE.
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