Friday, August 13, 2021

Garware Technical Fibres Net PAT Increases By 80.6% In Q1 FY22

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its unaudited financial results for the quarter ended June 30, 2021.

Consolidated: Q1 FY22 Highlights:

• Net Sales increased by 59.5% to Rs. 243.1 Cr in Q1 FY22 as compared to Rs. 152.4 Cr in Q1 FY21

• Profit before tax increased by 83.2% to Rs. 41.3 Cr in Q1 FY22 as compared to Rs. 22.6 Cr in the same quarter last year

• Net profit after tax has increased by 80.6% to Rs. 31.9 Cr in the quarter as against Rs. 17.7 Cr in the corresponding period of FY21.

• EPS for Qi FY22 is at Rs. 15-49 this is a growth of 91.7% over Q1 FY21

Management Comments:

In a statement, Mr. Vayu Garware, CMD,Garware Technical Fibres Ltd. said, "Lockdowns in April and May, 21 due to the resurgence of second wave of Covid-19 across India had an impact on our domestic business. Despite that, domestic business doubled its sales and delivered a good performance over the lower base of previous year. In Q2FY22, we expect an improvement in momentum in the Domestic markets as things are getting back to normal. International Business, which had seen some continuity of business in the first quarter of last year, registered strong double digit revenue growth in this quarter. Our customers' sustained faith in our products and services helped us in the growth momentum.

Of course, our focus continues to be on safety of our team members and their families. Apart from the strict implementation of safety protocols and ensuring Covid-19 appropriate behavior, we have been able to now complete the first round of vaccinations for almost all employees and hope this will help to counteract any future negative surprises from Covid-19.

About Garware Technical Fibres Ltd. (Formerly Garware- Wall Ropes Ltd. l: (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 geosynthetics. The company's products are manufactured in state-of-art facilities at Wai and Pune and marketed in more than 75 countries.

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