"Anti-China sentiments, reduction in gas prices and robust export orders from USA, Europe, UK and Middle East are driving the export business in the current fiscal and it is expected to get further momentum in coming months, the company said.
Ceramic products maker Asian Granito India on Friday said it is looking to further consolidate its exports in the current fiscal on account of robust business orders from the US, Europe and the Middle East.
The company, which has witnessed a considerable jump in its exports business in the recent quarters, is also expanding its business network in over 120 countries from 100 currently, said Asian Granito in a statement.
“Anti-China sentiments, reduction in gas prices and robust export orders from USA, Europe, UK and Middle East are driving the export business in the current fiscal and it is expected to get further momentum in coming months, the company said.
In the first half (April-September) of the current fiscal, Asian Granito exported worth Rs 83.2 crore and its contribution into the total consolidated revenue was up 17.6 per cent compared to 13.8 per cent of the H1 of FY20.
“Exports during the past three months have seen considerable jump and are constantly increasing due to the ongoing spat between the USA and China. All larger players in the industry are currently working at a capacity of 80-85 per cent due to robust export orders from USA, Europe, UK and Middle East markets, said Asian Granito Chairman and Managing Director Kamlesh Patel.
Globally, India ranks second and produces 12.90 per cent of the ceramic tiles output. Recent reduction of gas prices in domestic markets has made Indian tile products more competitive in the world markets and together with recent developments globally, share of India in the global trade is likely to improve considerably, he added.
Currently, many countries including the US, Europe, Middle East have reduced imports from China post-Covid and they are looking at India for their requirements.
“The recent reduction in the gas price is also making Indian tiles more competitive in the World market and will be a major catalyst in export business. The move will reduce the total costs by 3-5 per cent and help improve the margins and profitability of the overall sector in a challenging environment,” said Asian Granito Managing Director Mukesh Patel.