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ASI Industries Ltd announces Q2 FY19 results

Posted On: 2018-11-06 08:17:55

ASI Industries Limited (Formerly known as Associated Stone Industries (Kotah) Ltd.), amongst India's leading stone mining and quarrying companies announced today its financial results for the second quarter (Q2 FY19) and six months (H1FY19) ended September 30th, 2018.

Consolidated Q2 FY19 - Highlights

- Total Revenue was 3573.0 mn for Q2 FY19 as compared to 3704.5 mn in Q2 FY18, a decrease of 18.7%

- EBITDA stood at 318.6 mn for Q2 FY19 as compared to 359.5 mn during Q2 FY18, a decrease of 68.8%

- EBITDA Margin at 3.2% for Q2 FY19 as against 8.4% in Q2 FY18

- Net loss stood at 329.6 mn for Q2 FY19 as compared to profit 30.1 mn in Q2 FY18

Consolidated H1 FY19 - Highlights

- Total Revenue was 31310.3 mn for H1 FY19 as compared to 31543.1 mn in H1 FY18, a decrease of 15.1%

- EBITDA stood at 3213.9 mn for H1 FY19 as compared to 3290.7 mn during H1 FY18, a decrease of 26.4%

- EBITDA Margin at 16.3% for H1 FY19 as against 18.8% in H1 FY18

- Net profit stood at 368.3 mn for H1 FY19 as compared to 3109.6 mn in H1 FY18

Commenting on the financial results, CMD Mr. Deepak Jatia said, "There has been a dip in our revenues for the second quarter as always on account of seasonality in our Kotah Stone business and lack of opportunity in trading business due to current business scenario. On account of the onset of the monsoon season, the mining and production operations were curtailed."

He also added, "The Company is diversifying into an 'ENGINEERED STONE' project with an installed capacity of 600, 000 square meters per annum with a capital outlay of about Fts. 2000 Million (USD 27.50 Million) funded from internal accruals and bank borrowings. The Company is at an advanced stage of negotiation for technology to produce Engineered Stone with a world-renowned machinery manufacturer. The diversification into the Engineered Stone business has synergies With existing business and is expected to broad base our business mix. The Company is currently in negotiation with SEZs' for acquisition/lease of land for the project. The proposed project is expected to be completed in 15 months."

Shares of ASI Industries Ltd was last trading in BSE at Rs.18.5 as compared to the previous close of Rs. 17.9. The total number of shares traded during the day was 11642 in over 26 trades.

The stock hit an intraday high of Rs. 18.6 and intraday low of 17.9. The net turnover during the day was Rs. 214968.

Source: Equity Bulls

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