Margins of float glass improve sharply, while that of auto glass falls

In the quarter ended Sep 2010, Asahi India Glass (AIS) - India's largest integrated glass Company, reported consolidated net profit of Rs. 5.22 crore against net loss of Rs. 1.16 crore in Sep 2009 quarter on supportive non operating performance though limited by weak operating performance.

The OPM fell by 190 bps largely due to 780 bps decline in PBIT margin of automotive glass though partially limited by 1030 bps spurt in float glass PBIT margin. Thus the consolidated operating profit growth was constrained at 10% to Rs. 69.84 crore. Nevertheless, profits received support from reduction in interest cost and depreciation cost.

Speaking on the occasion, Mr. Sanjay Labroo, MD & C.E.O., AIS said - The results are a reflection of the improved operational performance of AIS across all levels. The Indian economy continued its momentum during the last quarter and the automotive and construction sectors showed good growth resulting in a positive impact on our performance. The float glass segment of AIS performed particularly well and is now inching closer to its potential performance. Sales of our high quality value-added glass products continued to increase and are appreciated by our customers. We continue to work on offering a variety of high quality float glass products to our customers. The automotive segment has done well to keep up with the burgeoning demand from the automotive sector. Our brown-field expansions are also progressing as scheduled and we expect to commission a laminated glass expansion in the fourth quarter of 2010-11. Overall, I am satisfied that the several operational improvements undertaken recently are being reflected in the financial statements of AIS.

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