Asian Granito stock jumps 5% after subsidiary completes capacity expansion at Meshana plant

Crystal Ceramics Industries has invested Rs25cr for this expansion.

Jun 25, 2021 02:06 IST India Infoline News Service

Asian Granito-led subsidiary Crystal Ceramics Industries has completed 12000 SQMTS/days of Glazed Vitrified Tiles brownfield capacity expansion at its Meshana Plant. Asian Granito holds 70% equity in the subsidiary.

Asian Granito highlighted that this capacity addition will increase the total capacity of Crystal Ceramics to 36000 SQMTS/day. Crystal Ceramics is planning to manufacture large format 600X1200 mm GVT tiles for the domestic and export market with this expansion.

Crystal Ceramics Industries has invested Rs. 25 Crores for this expansion.

Further, the company mentioned that this strategic brownfield expansion was planned to keep in mind the low-cost natural gas benefit at Crystal Ceramics, which helps the company to further reduce its manufacturing cost.

Crystal Ceramics reported a Turnover of Rs. 184.45 Crores in FY 21. The capacity addition of 12000 SQMTS/day will add incremental sales of around Rs.70-75 Crores in Crystal Ceramics and Asian Granito India Limited consolidated turnover.

Meanwhile, Asian Granito has reported a consolidated turnover of Rs. 1292.30 Crores in FY21. With this capacity expansion, ASIAN Granito on a consolidated basis will further improve its market share in the domestic and export market.

At around 2.05 pm, Asian Granito was performing at Rs181.50 per piece up by 4.6% on Sensex.

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