ASI Industries Limited announces Q1FY21 results

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 first quarter (Q1FY21) ended 30th June 2020.

Consolidated Q1 FY21 - Highlights

- Total Revenue was #403.9 mn for @1 FY?21 as compared to #620.0 mn in @1 FY20, a decrease of 34.9%

- EBITDA stood at ₹101.6 mn for Q1 FY21 as compared to ₹143.3 mn during Q1 FY20

- EBITDA Margin at 25.2% for Q1 FY21 as against 23.1% in Q1 FY20

- Net profit stood at ₹34.0 mn for Q1 FY21 as compared to ₹56.7 mn in Q1 FY20

Commenting on the financial results, CMD Mr. Deepak Jatia said, "The results for the first quarter was muted owing to the extended lockdown imposed due to Covid-19 during which our plant and office were shut down which affected normal operations during the quarter. However, post lifting of the lockdown, all our operations have resumed, and we expect the situation to normalize in the coming quarters. In these challenging times, we have been focusing on cost rationalization initiatives which have resulted in margin expansion. Our EBITDA margin has increased by 512 bps QoQ and 205 bps YoY."

He also said," The mining activity operations of Kota stone business is now back on track and we remain optimistic on the business outlook and are confident of positive performance going forward. Our Engineered Stone facility in Jaipur should also go on steam soon and we should see commercial production beginning from the second half of this year."

Shares of ASI Industries Ltd was last trading in BSE at Rs.13.5 as compared to the previous close of Rs. 12.3. The total number of shares traded during the day was 20093 in over 91 trades.

The stock hit an intraday high of Rs. 13.75 and intraday low of 12.31. The net turnover during the day was Rs. 262555.

Source : Equity Bulls

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