Asahi India Glass Q4 PAT jumps nearly four-fold

NEW DELHI: Integrated glass maker Asahi India Glass today reported a near four-fold jump in its consolidated profit after tax (PAT) for the fourth quarter ended March 31, at Rs 9.50 crore, on the back of improved performance in the automotive and construction segments.

The company had incurred a consolidated loss of Rs 2.38 crore during the corresponding quarter of the last fiscal, Asahi India Glass ( AIS) said in a statement.

It also reported a 5.62 per cent increase in consolidated net sales for the fourth quarter, at Rs 339.82 crore, against Rs 321.73 crore during the year-ago period.

AIS's consolidated profit after tax for 2009-10 stood at Rs 1.99 crore, the statement said, adding that the company had reported a consolidated loss of Rs 42.63 crore during the previous fiscal.

During 2009-10, AIS's consolidated net sales went up by 4.58 per cent to Rs 1,294.98 crore against Rs 1,238.31 crore in the 2008-09 fiscal.

"The financial performance in the fourth quarter, and the year 2009-10 as well, reflects the massive efforts put in by AIS to overcome the unexpected adversity that arose in 2008-09. I strongly feel that the worst is now behind us," AIS chief executive officer and MD Sanjay Labroo said.

He said that both the target segments of AIS -- automotive and construction -- have shown improved performance.

"The automotive sector has done exceptionally well, and AIS continued to deliver on the stringent requirements of automotive companies operating in India," Labroo said, adding that the company expects the growth momentum to continue this fiscal.

AIS is a joint venture between Japan-based Asahi Glass Co, car manufacturer Maruti Suzuki India and the Labroo family.