Garware Technical Fibres net profit swells by 40.5% in Q2 FY20

Garware Technical Fibres (Formerly Garware-Wall Ropes), a leading manufacturer of technical textiles for the Indian and global markets, announced its financial results for the second quarter and half year ended September 30, 2019.

Q2 FY20 highlights:
•    Net sales declined by 11.2 per cent to Rs 232.42 crore in Q2 FY20 as compared to Rs 261.83 crore in Q2 FY19
•    Profit before tax reduced by 10.6 per cent to Rs 43.54 crore in Q2 FY20 as compared to Rs 48.69 crore in the same quarter last year
•    Net profit after tax has grown by 40.5 per cent to Rs 46.26 crore in the quarter as against Rs. 32.93 crore in the corresponding period of FY19
•    EPS for Q2 FY20 is at Rs 21.14; this is a growth of 40.5 per cent over Q2 FY19

H1FY20 highlights:
•    Net sales decreased by 8.2 per cent to Rs 464.75 crore in H1FY20 as compared to Rs 506.09 crore in H1FY19
•    Profit before tax decreased by 9.6 per cent to Rs 85.74 crore in H1FY20 as compared to Rs 94.84 crore in the same period last year
•    Net profit (PAT) has increased by 18 per cent to Rs 75.86 crore in the period as against Rs 64.30 crore in the corresponding period of FY19
•    EPS for the period is at Rs 34.67 in H1FY20; this is a rise of 18 per cent over H1FY19

Commenting on the results, Vayu Garware, CMD, Garware Technical Fibres, said, “The first half results have been a mixed bag. On the domestic front, the cyclones as well as the extended rains affected our growth in the fisheries segment. In our international business, we have had some delays in receipt of substantial orders as many of the aquaculture customers gauged our new innovative V2 technology offerings before placing their requirements. However we now have good visibility for the second half of the year and will look towards an improved year end result. On the plus side, we have had good working capital management in the first half, resulting in higher fund generation from operations.”

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-art facilities at Wai and Pune and marketed in more than 75 countries.