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

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a number one 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 persisted 3rd February 2020.

Q3 FY20 Highlights:

§ income 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 within the same quarter last year

§ net income after tax has grown by 17.2% to Rs. 28.95 Cr within the quarter as against Rs. 24.71 Cr within the corresponding period of FY19

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

9M FY20 Highlights:

§ income 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 within the same period last year

§ net income (PAT) has increased by 17.7% to Rs. 104.80 Cr within the period as against Rs. 89.01 Cr within the corresponding period of FY19

§ EPS for the amount stood at Rs. 47.89 in 9M FY20; this is often an increase 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 within the third quarter on the rear of timely and excellent execution of projects by our geosynthetic business of tenders won within the half-moon also because the continued robust performance of our international business. Our international aquaculture business continues to grow with heightened market shares through acquisition of latest customers also as enhanced preference of our differentiated products and solutions. On the innovation front, recently three patents had been granted that might enhance our mission of delivering value to our customers. Q4 looks quite positive with a robust international order book and improved operating leverage.”

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