Garware Technical Fibres Ltd (formerly Garware-Wall Ropes), a leading manufacturer of technical textiles for the Indian and global markets, announced its financial results for the first quarter ended June 30, 2019.
Standalone: Q1 FY20 highlights
Net sales decreased by 4.9 per cent to Rs 232.3 crore in Q1 FY20 as compared to Rs 244.3 crore in Q1 FY19
Profit before tax reduced by 8.6 per cent to Rs 42.2 crore in Q1 FY20 as compared to Rs 46.2 crore in the same quarter last year
Net profit after tax has dropped by 5.7 per cent to Rs 29.6 crore in the quarter as against Rs 31.4 crore in the corresponding period of FY19
EPS for Q1 FY20 is at Rs 13.52; this is a de-growth of 5.7 per cent over Q1 FY19
In a statement, Vayu Garware, CMD, Garware Technical Fibres, said, “The year has begun with a steady performance in our synthetic cordage segment. Our V2 technology-based products are seeing good customer acceptance and excellent order flow. However, we faced headwinds in our fibre and industrial products and projects segment wherein the general elections led to a slowdown in release of tenders by both government and private sector. Post-election, some of these key projects have now been tendered and awarded. We will be working hard to make up for the delay in Q3 and Q4.”
Garware Technical Fibres, 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 geo-synthetics. The company’s products are manufactured in state-of-the-art facilities at Wai and Pune and marketed in more than 75 countries.