Garware Technical Fibres Consolidated Net Profit Falls by 40.3% in Q1 FY21

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its financial results for the first quarter ended June 30, 2020.

Consolidated: Q1 FY21 Highlights:

Net Sales decreased by 34.4% to Rs. 152.4 Cr in Q1 FY21 as compared to Rs. 232.3 Cr in Q1 FY20

Profit before tax reduced by 46.6% to Rs. 22.6 Cr in Q1 FY21 as compared to Rs. 42.3 Cr in the same quarter last year

Net profit after tax has dropped by 40.3% to Rs. 17.7 Cr in the quarter as against Rs. 29.6 Cr in the corresponding period of FY20.

EPS for Q1 FY21 is at Rs. 8.08; this is a de-growth of 40.3 % over Q1 FY20

Management Comments:

In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, Business in Q1 was deeply impacted due to the COVID 19 induced lockdown. Manufacturing and sales activities came to a  standstill  across the country.  During the lockdown period,  we prioritized  the health and  well- being of our team and their families with strict SOPs and regular communications. We further focused on  collection  of  receivables,  reduction  of  costs  and  Cash  flow.  Towards  the  later  part  of  Q1, manufacturing started in a phased manner.  Domestic Market activity remained on a very low scale. We could gradually pick up supplies to the international market and were thereby able to deliver a reasonable result despite the challenges.

About Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.): (BSE: 509557 / NSE: GARFIBRES)

Garware  Technical  Fibres  Ltd.  (formerly  Garware-Wall  Ropes  Ltd.),  an  ISO  14001:2015  and  ISO 9001:2015  certified  company  is  a  leading  player  in  Technical  Textiles  specializing  in  providing customized  solutions  to  its  customers  worldwide.  Globally,  the  company  is  known  for  its  applied innovation in the field of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and geo- synthetics. The company`s products are manufactured in state-of-art facilities at Wai and Pune and marketed in more than 75 countries.