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Shares of plummeted 6.8 per cent on Thursday after reports said that Income Tax officials have carried out searches at numerous locations of the Ahmedabad-based ceramic tile maker.

Media reports quoting sources said that tax officials had raided the firm’s headquarters in Ahmedabad, its factories at several locations, as well as, the premises of owners and partners at 40 locations across Gujarat.

Asian Granito is yet to inform exchanges of the development.

The firm’s share price plunged to a 52-week low of Rs 47.90 as against Rs 51.40 at the previous close on the BSE.

In the previous financial year,

reported consolidated net sales worth Rs 1,563.80 crore – a growth of 21 per cent over the numbers reported in the same period a year ago.

On a standalone basis, the company’s net revenue clocked in at Rs 1,349.10 crore in 2021-22 as against Rs 1,036.20 crore in the previous financial year, registering an on-year growth of 30.20 per cent.

Consolidated EBITDA for the financial year ended March 2022 stood at Rs 124.6 crore, with an EBITDA margin of 8 per cent, reports said, adding that standalone EBITDA for FY22 witnessed a decline of 10.40 per cent YoY to Rs 87.50 crore versus Rs 97.60 crore in FY21.

In the previous financial year, the company’s consolidated net profit clocked in at Rs 91.8 crore, with a profit after tax margin of 5.9 per cent as against a net profit of Rs 57.2 crore and a profit margin of 4.4 per cent in 2020-21.

On a standalone basis, the company reported a profit after tax of Rs 87.90 crore in FY22, up by 77.80 per cent against Rs 49.40 crore in FY21. Exports for FY22 were reported at Rs 204.9 crore.

The company has also recommended a dividend of 7 per cent of Rs 0.70 per share on the face value of Rs 10 per share for FY22, reports said.


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