Asahi India Glass
Asahi India Glass is jointly promoted by Asahi Glass Co, Maruti Suzuki and B. M Labroo & Associates. Incorporated in 1984, the Company has grown from being a ‘single-plant single-customer’ company to a glass company with 12 plants and customers spanning across India. Interestingly members of the Mahindra & Mahindra family also hold stake in the company.
It posted a good set of numbers for Q2FY17. On A 10% rise in consolidated total sales at Rs.668 crore, the company posted a 57% (YoY) jump up in net profit at Rs.33 crore. Keeping a tight leash on the costs helped, a 77% jump in other income, a tax write back of Rs.24 crore v/s Rs.12 crore; all helped in building this healthy bottomline.
In terms of segments, the automotive glass contributes 67% to total revenue and its topline was up 13% with a 40% rise in EBIT. The floatglass vertical also did well with topline rising 7% and EBIT increasing 22%.
The company’s interest outgo for H1FY17 was at Rs.36 crore and this was on a borrowing of Rs.1038 crore. Cash is at Rs.30 crore only. Equity is at Rs.24.31 crore and annualized EPS is at Rs.3 (FV of Re.1).
As at end of FY15, Maruti holds 11.11% stake and Asahi Glass of Japan holds 22.21%. Total promoter holding is at 54.31%. FII holding is 0.61%.