1. Asian Granito eyes Rs 2,000 crore revenue by 2020

Asian Granito eyes Rs 2,000 crore revenue by 2020

Tiles manufacturer Asian Granito India (AGIL) today said it is eyeing to double its revenues to nearly Rs 2,000 crore in the next three-four years.

By: | Mumbai | Published: May 2, 2017 8:23 PM
AGIL has launched quartz in the large format of 10.5 ft x 5.25 ft at the new facility and has received orders worth Rs 25 crore from domestic and exports market, he said. (Website)

Tiles manufacturer Asian Granito India (AGIL) today said it is eyeing to double its revenues to nearly Rs 2,000 crore in the next three-four years. “We want to be among the top 3 tiles companies by 2020 in the country and hope to achieve nearly Rs 2,000 crore in revenues in the next 3-4 years,” AGIL chairman and managing director Kamlesh Patel said in a statement issued here.

He said the company will focus on high value products including glazed vitrified tiles, digital ceramic tiles and marble and quartz going forward in addition to asset light business model for manufacturing to achieve this target. “Marble and quartz stone segment is one of the top focus areas for us going forward. We recently completed expansion and commenced operations of the third line for quartz stone at our facility in Gujarat. With this expansion, our quartz stone capacity has doubled to 1,600 square metres per day. We had invested Rs 20 crore for this,” Patel said.

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AGIL has launched quartz in the large format of 10.5 ft x 5.25 ft at the new facility and has received orders worth Rs 25 crore from domestic and exports market, he said. “It is our strategy to focus on high-end and value added products. We expect the quartz stone and marble segment to grow to Rs 350 crore turnover by 2020,” Patel added.

The new expansion at quartz is likely to fetch additional sales of Rs 60 crore this fiscal. Market for quartz stone in India is estimated at around Rs 200-250 crore and growing at 25-30 per cent annually, AGIL’s managing director Mukesh Patel said.

“Quartz is a premium product and hence we expect to earn a healthy EBITDA margin in the range of 30-32 per cent. We also aim to expand our retail sales and increase share of retail sales to 50 per cent from 35 per cent currently,” he added.

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