Aro Granite Appoints C. Srinivasan as CFO
Aro Granite Industries appoints C. Srinivasan as CFO, effective August 1, 2024, enhancing its leadership team. He began his career with a CA firm before joining Snam Abrasive Pvt. Ltd. and later Aro Granite Industries in 2007.
by Damodharan N
Updated Jul 26, 2024
Table of Content
Aro Granite Industries Limited has announced the appointment of C. Srinivasan as its new Chief Financial Officer (CFO), effective August 1, 2024. This decision was made during the company's Board meeting on July 26, 2024.
C. Srinivasan, aged 54, is a Commerce Graduate from Bangalore University. He began his career with a CA firm before joining Snam Abrasive Pvt. Ltd. and later Aro Granite Industries in 2007. With extensive experience in accounting and finance, he has a deep understanding of the granite industry due to his long-term involvement.
The company also appointed Ayush Goel as the Company Secretary and Compliance Officer, replacing Sabyasachi Panigrahi, who will resign on July 31, 2024.
These appointments reflect Aro Granite's commitment to strengthening its leadership team.
Source: Here
Aro Granite Q1 FY24 Results
Aro Granite Industries Limited has announced its financial results for the first quarter of FY24, ending June 30, 2024. The company's total revenue from operations was ₹3,873.67 lakh, a decrease from ₹5,202.39 lakh in the same quarter last year. The revenue for the quarter includes ₹1,178.37 lakh from the Quartz Division and ₹2,695.30 lakh from the Granite Slabs/Files Division.
The company reported segment results of ₹368.81 lakh for the Quartz Division and ₹310.09 lakh for the Granite Slabs/Files Division. However, total segment results decreased from ₹611.84 lakh in Q1 FY23 to ₹368.81 lakh this quarter.
Finance costs amounted to ₹353.86 lakh, up from ₹387.98 lakh in the previous year. After accounting for these costs, Aro Granite's profit before tax stood at ₹14.95 lakh, down from ₹223.86 lakh in Q1 FY23.
Standalone Results
|
SI No. |
Particulars |
30.06.2024 |
30.06.2023 |
Year ended 31.03.2024 |
|
I |
Revenue from Operations |
3,755.26 |
5,143.14 |
15,509.48 |
|
II |
Other Income |
118.41 |
59.25 |
37.75 |
|
III |
Total Income (I + II) |
3,873.67 |
5,202.39 |
15,547.23 |
|
IV |
Expenses |
|||
|
- Cost of materials consumed |
2,162.09 |
2,746.58 |
8,326.11 |
|
|
- Purchase of Stock-in-Trade |
44.15 |
75.10 |
252.22 |
|
|
- Changes in Inventories of finished goods, work-in-progress and Stock-in-Trade |
(146.41) |
124.55 |
(1,207.78) |
|
|
- Employee Benefit Expense |
379.73 |
385.06 |
1,588.07 |
|
|
- Financial Costs |
353.86 |
387.98 |
1,610.91 |
|
|
- Depreciation and Amortization Expense |
259.91 |
293.73 |
1,172.29 |
|
|
- Other Expenses |
805.39 |
965.53 |
3,465.17 |
|
|
Total Expenses (IV) |
3,858.72 |
4,978.53 |
15,206.99 |
|
|
V |
Profit/(Loss) before exceptional Items & Tax (III - IV) |
14.95 |
223.86 |
340.24 |
|
VI |
Less: Exceptional Items |
- |
- |
- |
|
VII |
Profit/(Loss) Before Taxes (V - VI) |
14.95 |
223.86 |
340.24 |
|
VIII |
Tax Expense: |
|||
|
- Current tax |
2.50 |
37.36 |
56.80 |
|
|
- MAT Credit Entitlement |
(2.50) |
(37.36) |
(56.80) |
|
|
- Deferred tax |
(60.48) |
91.57 |
208.84 |
|
|
Total Tax Expense (VIII) |
(60.48) |
91.57 |
208.84 |
|
|
IX |
Profit/(Loss) for the period from Continuing operation (VII - VIII) |
75.43 |
132.29 |
131.40 |
|
X |
Profit/(Loss) for the period from Discontinuing operation |
- |
- |
- |
|
XI |
Tax Expenses of Discontinuing operation |
- |
- |
- |
|
XII |
Profit/(Loss) for the period from Discontinuing operation (X - XI) |
- |
- |
- |
|
XIII |
Profit/(Loss) for the period (IX + XII) |
75.43 |
132.29 |
131.40 |
|
XIV |
Other Comprehensive Income |
7.65 |
3.20 |
4.02 |
|
XV |
Total Comprehensive Income for the period (XIII + XIV) |
83.08 |
135.49 |
135.42 |
|
XVI |
Paid up Equity Share Capital (Face Value of ₹10 each) |
1,530 |
1,530 |
1,530 |
|
XVII |
Other Equity |
- |
- |
17,672.41 |
|
XVIII |
Earnings per Equity Share (for continuing operation) |
|||
|
- Basic (in ₹) |
0.54 |
0.89 |
0.89 |
|
|
- Diluted (in ₹) |
0.54 |
0.89 |
0.89 |
|
|
XIX |
Earnings per Equity Share (for discontinued operation) |
|||
|
- Basic (in ₹) |
- |
- |
- |
|
|
- Diluted (in ₹) |
- |
- |
- |
|
|
XX |
Earnings per Equity Share |
|||
|
- Basic (in ₹) |
0.54 |
0.89 |
0.89 |
|
|
- Diluted (in ₹) |
0.54 |
0.89 |
0.89 |
Overall, the financial performance reflects a challenging quarter for Aro Granite, with reduced revenue and profit margins compared to the previous year.
Aro Granite
Aro Granite Industries, established in 1991, is a major exporter of processed granite from India. With export-oriented units in Hosur and Jaipur, the company has a production capacity of 1 million square meters per year.
The Hosur facility, near Bangalore, features a wide range of South Indian and imported granite colors, while the Jaipur unit showcases North Indian stones. Aro Granite sources over 100 shades from countries like India, Brazil, and Ukraine and uses advanced, eco-friendly machinery from Italy.
Known for its reliability and global reach, Aro Granite serves clients in over 50 countries and emphasizes quality and customer satisfaction through rigorous training and quality control.
Aro Granite Appoints C. Srinivasan as CFO - FAQs
1. What is Aro Granite's total revenue from operations for Q1 FY24?
Aro Granite's total revenue from operations for the first quarter of FY24 is ₹3,873.67 lakh, which reflects their earnings before any other income is considered.
2. How did Q1 FY24 revenue compare to Q1 FY23?
Revenue for Q1 FY24 decreased from ₹5,202.39 lakh in Q1 FY23 to ₹3,873.67 lakh, indicating a reduction in sales and operations performance.
3. What were the segment results for the Quartz Division in Q1 FY24?
The Quartz Division reported segment results of ₹368.81 lakh in Q1 FY24, showing its contribution to the company's total financial performance.
4. What were the segment results for the Granite Slabs/Files Division in Q1 FY24?
The Granite Slabs/Files Division reported segment results of ₹310.09 lakh during Q1 FY24.
5. What was the total segment result for Q1 FY24?
The total segment result for Q1 FY24 was ₹368.81 lakh, which includes contributions from all divisions before considering other expenses.
6. What were the total expenses for Q1 FY24?
The total expenses for Q1 FY24 amounted to ₹3,858.72 lakh, covering all operational costs and expenditures during the quarter.
7. How much did Aro Granite spend on finance costs in Q1 FY24?
Aro Granite incurred finance costs of ₹353.86 lakh in Q1 FY24, which includes interest and other financial expenses.
8. What was the profit before tax for Q1 FY24?
The profit before tax for Q1 FY24 was ₹14.95 lakh, representing the company's earnings before accounting for tax liabilities.
9. How did the profit before tax in Q1 FY24 compare to Q1 FY23?
The profit before tax in Q1 FY24 decreased significantly from ₹223.86 lakh in Q1 FY23 to ₹14.95 lakh, indicating a drop in profitability.
10. What is the total comprehensive income for Q1 FY24?
The total comprehensive income for Q1 FY24 was ₹83.08 lakh, which includes all income and expenses beyond the profit or loss for the period.
11. How much was the profit for the period from continuing operations in Q1 FY24?
The profit for the period from continuing operations in Q1 FY24 was ₹75.43 lakh, which reflects the earnings from ongoing business activities.
12. What was the earnings per share (EPS) for continuing operations in Q1 FY24?
The earnings per share (EPS) for continuing operations in Q1 FY24 was ₹0.54, both basic and diluted, showing the profit allocated to each share.
13. What was the EPS for continuing operations in Q1 FY23?
In Q1 FY23, the EPS for continuing operations was ₹0.89, indicating a decrease in earnings per share compared to the current quarter.
14. How did the EPS for Q1 FY24 compare to Q1 FY23?
The EPS for Q1 FY24 decreased from ₹0.89 in Q1 FY23 to ₹0.54, reflecting a decline in profitability per share.
15. What is the paid-up equity share capital of Aro Granite?
Aro Granite's paid-up equity share capital is ₹1,530 lakh, which represents the total amount raised from shareholders.
16. What is the total other equity as of March 31, 2024?
As of March 31, 2024, the total other equity amounts to ₹17,672.41 lakh, which includes reserves and surplus.
17. What was the cost of materials consumed in Q1 FY24?
The cost of materials consumed in Q1 FY24 was ₹2,162.09 lakh, reflecting the expenses incurred for raw materials used in production.
18. How much did Aro Granite spend on employee benefits in Q1 FY24?
Aro Granite spent ₹379.73 lakh on employee benefits in Q1 FY24, covering wages, salaries, and other related costs.
19. What was the depreciation and amortization expense for Q1 FY24?
The depreciation and amortization expense for Q1 FY24 was ₹259.91 lakh, accounting for the reduction in value of fixed assets.
20. What was the other expenses amount for Q1 FY24?
Other expenses for Q1 FY24 amounted to ₹805.39 lakh, covering various operational and administrative costs.
21. Did Aro Granite incur any exceptional items in Q1 FY24?
No, Aro Granite did not report any exceptional items in Q1 FY24.
22. What is the tax expense for Q1 FY24?
The total tax expense for Q1 FY24 was ₹(60.48) lakh, which includes current tax, deferred tax, and adjustments.
23. What were the current tax expenses for Q1 FY24?
The current tax expenses for Q1 FY24 were ₹2.50 lakh, covering taxes for the current period.
24. What was the deferred tax for Q1 FY24?
The deferred tax for Q1 FY24 was ₹(60.48) lakh, reflecting adjustments to future tax obligations.
25. What is the total income (including other income) for Q1 FY24?
The total income for Q1 FY24, including other income, was ₹3,873.67 lakh.
26. What is the total income (including other income) for the year ended March 31, 2024?
For the year ended March 31, 2024, the total income was ₹15,547.23 lakh.
27. How much did Aro Granite spend on the purchase of stock-in-trade in Q1 FY24?
Aro Granite spent ₹44.15 lakh on the purchase of stock-in-trade during Q1 FY24.
28. What were the changes in inventories of finished goods in Q1 FY24?
Changes in inventories of finished goods amounted to ₹(146.41) lakh in Q1 FY24, indicating adjustments in stock levels.
29. What is the total revenue from operations for the year ended March 31, 2024?
The total revenue from operations for the year ended March 31, 2024, was ₹15,509.48 lakh.
30. What is the total revenue from operations for Q1 FY24?
For Q1 FY24, the total revenue from operations was ₹3,755.26 lakh.