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AIS gross sales, operating profit Rs 897cr & Rs165cr

Published on Mon, May 28, 2007 at 16:30 | Source : Moneycontrol.com

Updated at Mon, May 28, 2007 at 18:24

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Asahi India

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AIS ( Asahi India Glass Ltd .), India's largest glass company, announced its audited financial results for the fourth quarter and the year ended 31^st March 2007 at its Board meeting held today at Gurgaon.

AIS's gross sales for the financial year 2006-07 were Rs. 897.08 crores. Operating Profit and Net Profit for this period were Rs. 164.85 crores and Rs. 42.08 crores respectively. Gross sales for the fourth quarter were Rs. 267.09 crores. Operating Profit and Net Profit for this period were Rs. 50.85 crores and Rs. 8.94 crores respectively.

The interim dividend @ Re. 0.65 per equity share, earlier declared and paid by the Company, has been recommended as the final dividend for the financial year 2006-07.

The performance is summarized below -

(Rs. crores)

AIS
Particulars	Fourth Quarter ended 31^st March			Year ended 31^st March
	2007	2006	Change (%)	2007	2006	Change (%)
Gross Sales	267.09	185.15	44.25	897.08	703.15	27.58
Operating Profit	50.85	36.02	41.17	164.85	120.68	36.60
Cash Profit	35.37	32.40	9.17	129.40	109.85	17.80
Profit after tax	8.94	66.95*	(86.65)	42.08	86.27*	(51.22)

*includes the amount of depreciation of earlier years, which was written back as a result of change in depreciation accounting carried out last year to bring uniformity in the depreciation accounting policy of the Company.

Speaking on the occasion, Mr. Sanjay Labroo, M.D. & C.E.O., AIS said, "The financial year 2006-07 was a challenging, yet rewarding year. AIS achieved a significant milestone with the completion of the Roorkee plant in record time.

The financial results have been on expected lines. However, the year 2007-08 is significant for AIS and will see commissioning of all our expansions and higher utilization of our capacities. Fluctuations in prices of float glass and rising oil prices remain a cause of concern, which will have a bearing on our performance.

The recent expansions of AIS in auto glass, float glass, value-added glass and architectural processed glass are a strategic fit into AIS's value chain strategy. I am confident our increased size and scope of operations, improved cash flows and opportunities for better efficiencies in the glass value chain will make us a more competitive and profitable glass player."

Sourced From: The Communication Council