Asahi India Glass Limited (AIGL) reported better than expected numbers in Q4FY18. Consolidated revenue was up 24% yoy at Rs742cr. Revenue surpassed consensus estimate of Rs692cr by 7%. EBITDA was up 23% yoy at Rs141cr, while EBITDA margin declined 13bps yoy to 19%. Raw material expenses were 422bps lower (as the percentage of sales) and employee expenses declined 128bps yoy (as the percentage of sales) in Q4FY18. However, operating expenses were 562bps yoy higher. Reported consolidated PAT jumped 36% yoy higher to Rs55cr due to lower interest and tax expenses. PAT was comfortably above consensus estimate of Rs50cr.
We believe that start-up costs related to AIGL’s recently commenced plant at Taloja (District Raigad, Maharashtra) could have pushed operating expenses higher (up 45% yoy). Hence, these do not raise any concerns.
Within its segments, the largest segment Automotive Glass, which contributes 56% to total revenues declined 4% yoy. Float Glass segment, which contributes 37% to consolidated revenues, grew 41% yoy.
The Board of Directors approved a dividend of Rs1.50 per equity share for the year FY18.
Total debt on consolidated books of the company increased 21.5% yoy to Rs1,269cr. Consequently, D/E ratio worsened slightly to 1.18x in FY18 against 1.13x in FY17. Cash and cash equivalents remained unchanged at Rs17cr.
Asahi India Glass Ltd is currently trading at Rs342, up by 1 points or 0.29% from its previous closing of Rs341 on the BSE. The scrip opened at Rs341 and has touched a high and low of Rs342 and Rs338.15 respectively. So far 15,767 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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