Garware Technical Fibres Ltd. (formerly Garware-Wall Ropes Ltd), a leading manufacturer of technical textiles for the Indian and global markets, announced its financial results for the first quarter ended June 30, 2018.
Net sales grew by 0.4 per cent to Rs 244.3 crore in Q1FY19 as compared to Rs 243.2 crore in Q1FY18.
Profit before tax grew by 20.1 per cent to Rs 46.2 crore in Q1FY19 as compared to Rs 38.4 crore in the same quarter last year
Net profit (PAT) has grown by 20.7 per cent to Rs 31.4 crore in the quarter as against Rs 26 crore in the corresponding period of FY18
EPS for the period is at Rs14.33 in Q1FY19; this is a growth of 20.7 per cent over Q1FY18
Sharing his views on the results, Vayu Garware, CMD, Garware Technical Fibres Ltd, stated, “Our profit growth in this quarter has been on track at 20 per cent, spurred on by growth in new markets of our international business and more particularly improvement in mix of value added products. The sales value growth was muted primarily due to the continuing sluggishness in the domestic trade channel post GST implementation and higher pre-GST base effect of last year. This is expected to stabilise over the next few quarters. There is a reduction in other income this quarter, of which a significant portion is due to Ind AS mark to market effect on some treasury investments, related to the recent spike in interest rate. This is non-cash and notional in nature.”
Garware Technical Fibres Ltd, an ISO 14001:2015 and ISO 9001:2015 certified company, is a leading player in technical textiles specialising in providing customised 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.