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Dolat Capital Report
Asahi India Glass Ltd. displayed a strong performance in Q1 FY23. Revenue de-grew 2.2% QoQ to Rs 9.22 billion led by 14.7% QoQ de-growth in architecture glass offset by 10.3% growth in automotive glass division to Rs 5.17 billion.
Despite all challenges (like elevated raw material costs, high fuel and logistic expenses) operating margin remains strong at 24% led by healthy margin in the architectural glass division.
Ebit margin for automotive contracted 113 bps QoQ to 10% dragged by extended logistic and freight cost along with rupee depreciation. Despite a sharp jump in fuel price, architecture glass margin remained strong at 34.6% (flat QoQ) to 34.6% led by continued price hike and better mix.
Going ahead margin of automotive glass to improve led operating leverage and premiumisation while architectural glass business to see contraction due to fall in realisation led by moderation in retail demand where Asahi has a strong market share.
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