Wednesday, November 11, 2020

Garware Polyester Standalone Q2 PBT at ₹61.30 Cr, Registers 69.6 % Growth in Q2 in FY21

Garware Polyester Ltd. (GPL), the flagship company of the Garware Group and a leading player in specialty Polyester Films in India declared its results for the quarter ending sept 30, 2020 on November 10th,2020.

Highlights for Standalone Q2 FY’21 (July-September’20)

* Total Revenue – ₹254.15 Crore, a growth of 6% over the corresponding quarter in the previous fiscal

* Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the quarter stood at ₹ 72.22 cr (vs ₹44.91 Cr in Q2 FY’20) reflecting 28.4% EBITDA margin.

* Net Profit for the period after tax at ₹39.38 Cr (vs ₹23.28 Cr in Q2 FY’20)

* Earning per share (EPS) at ₹16.95, up by 69% over the corresponding quarter in FY 2019-20

Total expenses as at September 30, 2020 is ₹192.85 Cr, down by 5.3% over the quarter ended September 30, 2019. Operating EBITDA has increased by 111% from ₹34.23 Cr (Q1, FY 2020-21) to ₹72.22 Cr. The company reported PBT of ₹61.30 Cr for the quarter ended compared to ₹36.14 Cr for the quarter ended September 30, 2019. Consolidated Total income and PAT stood at ₹252.07 Cr and ₹37.76 Cr respectively for the quarter.

Commenting on the results, Mr. S.B. Garware, Chairman and Managing Director, GPL, said, “We are extremely satisfied with our strong second-quarter performance. Consistent improvement in our operating metrics reflects our relentless rigor of execution, which has resulted in PBDT Margin reaching 26.4% in quarter 2 FY21. We have invested out of planned investments to the tune of ₹47.78 crore as on 30th sept 2020. Our focus now is on growth in this fiscal and beyond. We see a strong and secure future for the organization given this growth approach.”

About Garware Polyester Limited

Garware Polyester Ltd. (BOM: 500655) is the flagship company of the Garware Group co-promoted by the Chairman and Managing Director Mr. S.B. Garware in the year 1957 along with the Founder-Chairman Late Padmabhushan Dr. Bhalchandra Garware. The company makes Specialty Performance Polyester Films in India and has its State-of-the-Art manufacturing facilities at Aurangabad in Maharashtra, India. GPL is the pioneer and largest exporter of Polyester Films in India and the winner of top exporters’ awards for continuous 25 years from PLEXCOUNCIL.

Garware Polyester Ltd.’s (GPL) manufacturing facility in Aurangabad is vertically integrated, from manufacture of polyester chips to the finished product of polyester films with four independent manufacturing lines and a business that spans the globe.  Polyester Films are used for variety of end-applications such as PET Shrink films for Label application, Low Oligomer PET films for insulation of hermetically sealed compressors motors, Electric motor insulation and cable insulation, sequin application films, TV and LCD screen application, Packaging applications etc. Garware Polyester Ltd is also the market Leader and India’s only manufacturer of Sun Control window films for Building, safety and auto applications. The company has facilities for manufacturing various coated products and co-extruded products for specialty application, apart from its capacity to design the recipe for raw material of PET films to suit the end application of the product.  The company has also developed surface-protection films designed to deliver the highest level of protection and impact resistance which has applications in many sectors.

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