Gross sales and operating profit for the quarter recorded Rs. 30433 lakhs and Rs. 4501 lakhs.
AIS (Asahi India Glass Ltd.), India’s largest integrated glass company announced its unaudited financial results for the third quarter and the nine months ended 31st December, 2007 at its Board Meeting held today. AIS’s gross sales and operating profit for the nine months amounted Rs. 87188 lakhs and Rs. 17271 lakhs, recording an increase of 38 per cent and 51 per cent respectively as compared to the same period in the previous year. Gross sales and operating profit for the third quarter at Rs. 30433 lakhs and 4501 lakhs was up by 38 per cent and 5 per cent respectively over the corresponding quarter of the previous year. Profit before tax for the period was lower on account of full impact of depreciation and interest, resulting from capitalization of the expansion projects, which became operational during the period.
Speaking on the occasion, Mr. Sanjay Labroo, M.D. & C.E.O., AIS said, “The pincer of rising costs for key inputs like power and fuel, soda ash, packing material, etc. and stagnant finished good prices continued to have adverse impact on profitability. We are addressing the situation by targeting value-added products like reflective glass, mirror, processed glass and glass products and capturing margins in the glass value chain. This should mitigate the adverse impact and result in a better performance.”