Agarwal Industrial Corporation Limited pulls off a strong show in Q3FY22, PAT zooms 94%

MUMBAI, India, Feb. 8, 2022 /PRNewswire/ -- Agarwal Industrial Corporation Limited (BSE: 531921) (NSE: AGARIND), India's Largest Private Bitumen Player, continued its growth trajectory, closing the third quarter of financial year 2021-22 with a double digit growth in both topline and bottomline.

On Monday, the company posted a 93.5 percent jump in the consolidated net profit at Rs 20.61 crore during the third quarter of 2021-22. The company's net profit in the year-ago period stood at Rs 10.65 crore. On a sequential basis it PAT surged 381 per cent from Rs 4.28 crore, according to a regulatory filing.

The company reported a 83 per cent rise in the total revenue to Rs 380.90 crore in the December 2021 quarter, which was Rs 208.16 crore in the same quarter previous year. The company's revenue was 123 per cent higher than Rs 158.95 crore in September 2021 quarter, the filing added.

The earnings per share (EPS) of the company jumped to Rs 17.00, which was Rs 10.38 in the same quarter previous year, whereas Rs 3.53 in the previous quarter of the current fiscal.

The Company, along with its subsidiaries, continued to maintain its track record of consistent growth performance.

Standalone Results

Agarwal Industrial Corporation posted a 66.9 percent jump in the standalone net profit at Rs 13.61 crore during the third quarter of 2021-22. The company's net profit in the year-ago period stood at Rs 8.16 crore. On a sequential basis, the profit after tax (PAT) zoomed more than 425 percent from Rs 2.59 crore, the filing said.

Total revenue increased by 69.3 percent to Rs 325.12 crore during the third quarter of the current fiscal year compared with Rs 192.07 crore in the year-ago period. It posted a revenue of Rs 123.57 crore in the September 2021 quarter. Expenses grew to Rs 306.24 crore as against Rs 181.17 crore during the period under review.

The earnings per share (EPS) of the company jumped to Rs 11.23, which was Rs 7.95 in the same quarter previous year, whereas Rs 2.13 in the previous quarter of the current fiscal.

Management comments on the financial results:

Mr. Lalit Agarwal, Whole Time Director, Agarwal Industrial Corporation Limited, said, "AICL is consistently progressing on its goal of creating value for its investors through high-value growth. In the December quarter, we have delivered strong and profitable growth in all businesses. We are confident to continuously capture opportunities in a resilient non recession market of bitumen."

Mr. Jaiprakash Agarwal, Managing Director, Agarwal Industrial Corporation Limited, said, "Q3FY22 marks yet another robust quarter with strong progress driven by Infrastructure ancillary business. Our endeavor to strengthen our balance sheet and improve business visibility and stability continues."

About Agarwal Industrial Corporation Limited

Being one of India's largest integrated bitumen player, AICL have been at the forefront of developing innovative wide range of bitumen products, that help road construction professionals deliver outstanding results. Over the years, the Company has evolved into a shipping and logistics powerhouse to rapidly link bitumen supply with market demand. AICL Group owns and operates a fleet of over 650 bitumen and LPG tankers and 5 large marine vessels which sets it apart in the bitumen industry. The logistics division also operates as a separate revenue centre to provide transportation, cargo handling and integrated logistics solutions to third party clients. Headquartered in Mumbai, AICL has six manufacturing facilities and seven bulk storage terminals located in different parts of India and employs over 1,000 people.