Asahi India Glass (515030) Q4 23/24 earnings summary

Executive summary

• Achieved record consolidated revenue of ₹4,365.86 crore in FY 2023-24, an 8% increase year-over-year, driven by growth in both automotive and architectural segments.

• Profitability declined due to margin compression, with consolidated PAT at ₹327.98 crore, down from ₹367.82 crore last year.

• Float glass margins dropped significantly from 30.03% to 17.70% due to increased imports at dumping prices and new domestic capacity.

• Major capex of ₹901 crore in FY 2023-24, with further ₹1,500 crore planned for FY 2024-25, focused on auto and vertical integration.

Financial highlights

• Standalone revenue from operations: ₹4,14,629 lakh (FY23: ₹3,91,837 lakh).

• Standalone PAT: ₹33,553 lakh (FY23: ₹36,782 lakh).

• EBITDA: ₹747.22 crore (FY23: ₹829.91 crore).

• EPS (consolidated): ₹13.49 (FY23: ₹15.01).

• Dividend: ₹2 per share (200%), subject to AGM approval.

• Debt increased from ₹1,353 crore to ₹1,878 crore; D/E ratio at 0.8.

Outlook and guidance

• Indian GDP growth expected at 6.5–7% for FY 2024-25, with strong prospects for the glass industry.

• Capex cycle to drive future revenue and profitability, with benefits from new float plant and vertical integration expected from FY 2024-25 onward.

• Focus on premiumization, value-added products, and sustainability initiatives.