Garware Technical Fibres Limited (Formerly Garware-Wall Ropes Limited), one of the leading manufacturers of technical textiles for the Indian and global markets announced its unaudited financial results for the quarter and a half year that ended Sep 30, 2022.
As per the Garware Technical Fibres consolidated Q2 FY23 highlights net sales increased by 26.3% to Rs. 355.9 Cr in Q2FY23 as compared to Rs. 281.8 Cr in Q2 FY22. Profit before tax increased by 15.5% to Rs. 61.0 Cr in Q2FY23 as compared to Rs. 52.8 Cr in the same period last year. Net profit after tax has increased by 16.8% to Rs. 47.7 Cr in Q2 FY2’3 as against Rs. 40.8 Cr in the corresponding period of FY22. EPS for Q2 FY23 is at Rs. 23.17 this is a growth of 16.8% over Q2 FY22.
In a statement, Vayu Garware, Chairman and Managing Director of Garware Technical Fibres said, “We were able to deliver a good operational performance in Q2FY23. With the easing of the export supply chain challenges, revenue grew by 26% and operating EBITDA grew by 22% as compared to Q2FY22.”
He further added, “We were also able to get margins back to close to normal levels in Q2. PBT rose to 17.1% of sales in Q2 FY23 from 12.2% in Q1 FY23. This was despite higher inventory costs carried forward from the previous quarter as well as continued higher cost of export freights in Q2 FY23. The easing of raw material costs as well as freight rates
from the last quarter’s levels should be positive in the second half of the year.”
The consolidated results for H1 FY23 for Garware Technical Fibres are that the net sales increased by 25.8% to Rs. 660.4 Cr in H1FY23 as compared to Rs. 524.9 Cr in H1FY22. Profit before tax increased by 4.2% to Rs. 98.2 Cr in H1FY23 as compared to Rs. 94.1 Cr in the same period last year.
Net profit after tax has increased by 4.3% to Rs. 75.9 Cr in H1 FY23 as against Rs. 72.8 Cr in the corresponding period of FY22. EPS for H1 FY23 is at Rs. 36.84 this is a growth of 4.3% over H1 FY22. Garware Technical Fibres products are
manufactured in state-of-art facilities at Wai and Pune and marketed in more than 75 countries.
