ASAHIINDIA · Automobile and Auto Components
Asahi India Glass Ltd. reported revenue of ₹1,158 cr for July to September 2024, +3.4% on the year and +2.2% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹213 cr, a margin of 18.4%, +179 bps on the year and +242 bps on the quarter. Over the last 6 quarters the margin has ranged from 15.6% to 19.2%, averaging 17.0%. Operating costs grew +1.2% against revenue growth of +3.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹95.0 cr, +10.5% on the year and +23.4% on the quarter, with earnings per share of ₹3.93. Profit before other income, one-offs and tax grew faster, at +22.9%; other income, one-offs or tax held the headline back. The tax rate was 33% against an average of 27% over the previous 5 quarters, which weighed on profit this quarter.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹12.79 over the last four quarters, the stock at ₹925.50 trades at 72.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,044 cr | ₹1,105 cr | ₹1,133 cr | ₹1,158 cr | ₹1,124 cr | ₹1,180 cr | ₹1,229 cr | ₹1,151 cr | ₹1,256 cr | ₹1,354 cr | ₹1,413 cr | ₹1,586 cr |
| YoY | — | — | +4% | +3% | +8% | +7% | +8% | −1% | +12% | +15% | +15% | +38% |
| EBITDA margin | 15.6% | 16.1% | 16.0% | 18.4% | 15.6% | 16.7% | 15.6% | 16.4% | 19.9% | 21.2% | 23.0% | 21.8% |
| Other income, % of PBT | 2% | 2% | 5% | 5% | 33% | 7% | 14% | 15% | −2% | 6% | 3% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 27% | 28% | 33% | 26% | 26% | 28% | 18% | 25% | 26% | 26% | 26% |
| Net profit | ₹63.0 cr | ₹73.0 cr | ₹77.0 cr | ₹95.0 cr | ₹105 cr | ₹92.0 cr | ₹55.0 cr | ₹58.2 cr | ₹99.0 cr | ₹133 cr | ₹149 cr | ₹167 cr |
| YoY | — | — | −25% | +10% | +67% | +26% | −29% | −39% | −6% | +45% | +171% | +187% |
| Core profit YoY | — | — | −24% | +23% | +13% | +17% | −36% | −55% | +44% | +48% | +203% | +271% |
| EPS | ₹2.61 | ₹3.04 | ₹3.21 | ₹3.93 | ₹4.34 | ₹3.80 | ₹2.31 | ₹2.22 | ₹3.90 | ₹5.20 | ₹5.85 | ₹6.56 |
| Flags | · | · | 1 | ✓ | 2 | ✓ | 1 | 2 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Asahi India Glass Ltd. reported revenue of ₹1,158 cr (+3.4% on the year) and net profit of ₹95.0 cr (+10.5% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +22.9% on the year, against +10.5% for reported profit.
None of the 7 checks that could run raised a question.
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