Invests Rs. 20 crore in setting up a 3rd line of quartz stone facility at its Himmatnagar plant in Gujarat dedicated for exports
Asian Granito India Limited (AGIL), one of India’s largest tiles companies is eyeing for a leadership position in flooring solution – Quartz stone. Company is investing Rs. 20 crore in setting up a 3rd line of quartz stone facility at its Himmatnagar plant dedicated for exports. Post expansion, company will be doubling the capacity of its Quartz stone to 5.28 lakh square meter per annum in FY 17-18 from existing 2.64 lakh square meter. The new expansion is likely to fetch additional sales of Rs. 60 crore in FY 17-18. Target market for the new quartz plant will be counter tops and interiors (floor) in kitchen, Malls, airports, high end hotels and other places.
AGIL’s current capacity of quartz stone stands at 800 square meter a day from its existing two lines which it plans to double to 1,600 square meter per day. Company is also launching 20 mm & 30 mm thickness slabs of quartz in the large format of 10.5 feet X 5.25 feet. Commercial production of the new range will start in the month of April 2017.
Mr. Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd, said, “Quartz as a segment contributes Rs. 45 crore sales currently which company expects to increase to Rs. 125 crore over the next 2-3 years. The new line of quartz will be dedicated to exports. Company currently manufactures quartz slab of 12-15 mm thickness and will be producing 20 mm & 30 mm thickness slabs at the new facility. Initial response from the export market is very good and initially company has orders of Rs 6 crore.”
Mr. Mukesh Patel, Managing Director, Asian Granito India Ltd, said, “Post expansion revenue contribution from quartz segment is expected to double from 4.3% to 9% of the total sales and we also targeting to increase our share in export quartz market for 2017-18. Quartz is a premium product and hence we also expect to earn a healthy EBITDA margin in the range of 30-32% from the expanded facility.”
Quartz slabs are mostly preferred for use in the high traffic areas such as malls, airport, railway station, hospitals, commercial spaces etc. United States is the biggest market for quartz followed by Europe, Canada, Australia and New Zeland. As per our internal analysis total market size for engineered quartz stone across world is around 5.7 million square meters of which US market is around 70%.
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