ASAHIINDIA · Automobile and Auto Components
Asahi India Glass Ltd. reported revenue of ₹1,124 cr for October to December 2024, +7.7% on the year and −2.9% on the quarter.
Operating profit (EBITDA) was ₹175 cr, a margin of 15.6%, −4 bps on the year and −282 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 15.6% to 19.2%). Operating costs grew +7.7%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹105 cr, +66.7% on the year and +10.5% on the quarter, with earnings per share of ₹4.34. Profit before other income, one-offs and tax grew 13.3%, so 53 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average.
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 ₹14.52 over the last four quarters, the stock at ₹925.50 trades at 63.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +66.7% on the year; profit before other income, exceptional items and tax +13.3%.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 33% of profit before tax, against 2% a year earlier.
Source: Quarterly statements
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.
| 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 ₹1,124 cr (+7.7% on the year) and net profit of ₹105 cr (+66.7% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +13.3% on the year, against +66.7% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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