Garware Technical Fibres net profit rises by 17.7% in 9M FY 20

MIMBAI, 03rd February 2020 (GNI): Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading  manufacturer  of  technical  textiles  for  the  Indian  and  global  markets,  has  reported  the financial results for the quarter and nine months ended 31stDecember 2019 which were approved by the Board of Directors at their meeting held on 3rd February 2020.

Q3 FY20 Highlights:

§  Net Sales increased by 6.1% to Rs. 235.78 Cr in Q3 FY20 as against Rs. 222.18 Cr in Q3 FY19

§  Profit before tax increased by 5.2% to Rs. 38.29 Cr in Q3 FY20 as compared to Rs. 36.40 Cr in the same quarter last year

§  Net profit after tax has grown by 17.2% to Rs. 28.95 Cr in the quarter as against Rs. 24.71 Cr in the corresponding period of FY19

§  EPS for Q3 FY20 is at Rs. 13.23; this is a growth of 17.2% over Q3 FY19

9M FY20 Highlights:
§  Net Sales decreased by 3.8% to Rs. 700.53 Cr in 9M FY20 as against Rs. 728.28 Cr in 9M FY19

§  Profit before tax decreased by 5.5% to Rs. 124.03 Cr in 9M FY20 as compared to Rs. 131.25 Cr in the same period last year

§  Net profit (PAT) has increased by 17.7% to Rs. 104.80 Cr in the period as against Rs. 89.01 Cr in the corresponding period of FY19

§  EPS for the period stood at Rs. 47.89 in 9M FY20; this is a rise of 17.7% over same period last year

Management Comments: Sharing his views on the results, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, “We have had a comeback to topline growth in the third quarter on the back of timely and excellent execution of projects by our geosynthetic business of tenders won in the first quarter as well as the continued robust performance of our international business. Our international aquaculture business continues to grow with heightened market shares through acquisition of new customers as well as enhanced preference of our differentiated products and solutions. On the innovation front, recently three patents had been granted that would enhance our mission of delivering value to our customers. Q4 looks quite positive with a strong international order book and improved operating leverage.”

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, stated in the press release.

For more information, please visit http://www.garwarefibres.com