GTFL consolidated net profit rises by 12% in FY20

Garware Technical Fibres (formerly Garware-Wall Ropes), a leading manufacturer of technical textiles for the Indian and global markets, has announced its financial results for the quarter and twelve months ended March 31, 2020.

Q4 FY20 highlights

• Consolidated revenue reduced by 13 per cent to Rs 253 crore in Q4 FY20 as compared to Rs 290 crore in Q4 FY19
• Consolidated net profit has decreased by 2.5 per cent to Rs 36 crore in the quarter as against Rs 37 crore in the corresponding period of FY19
• Consolidated EPS for Q4 FY20 is at Rs 16.32; this is a decline of 2.5 per cent over Q4 FY19
• Standalone revenue reduced by 16 per cent to Rs 244 crore in Q4 FY20 as against Rs 290 crore in Q4 FY19
• Standalone net profit has increased by 100 per cent to Rs 73 crore in the quarter as against Rs 37 crore in the corresponding period of FY19
• Standalone EPS for Q4 FY20 is at Rs 33.45; this is a rise of  100 per cent over Q4 FY19

FY20 highlights

• Consolidated revenue reduced by 6 per cent to Rs 953 crore in FY20 as compared to Rs 1018 crore in FY19
• Consolidated net profit has increased by 12 per cent to Rs 141 crore as against Rs 126 crore in FY19
• Consolidated EPS for FY20 is at Rs 64.22; this is an increase of 12 per cent over FY19
• Standalone revenue reduced by 7 per cent to Rs 945 crore in FY20 as compared to Rs 1018 crore in FY19
• Standalone net profit has increased by 42 per cent to Rs 178 crore in FY20 as against Rs 126 crore in FY19
• Standalone EPS for FY20 is at Rs 81.35; this is a rise of 42 per cent over FY19

Stating his views on the results, Vayu Garware, CMD, Garware Technical Fibres, said, “The topline and profit performance for the fourth quarter was subdued due to the impact of the lockdown on account of the coronavirus. Particularly, dispatches of our international sales were significantly impacted despite having a strong order book. Domestic sales from depots around the country could also not take place as planned. While the current Covid-19 pandemic continues to pose significant challenges in the first quarter of this year, since approximately 60 per cent of our business caters to end users who are in food related industries, we are hopeful of a reasonable recovery in the second half of the year subject to any unforeseen issues.”

Garware Technical Fibres (formerly Garware-Wall Ropes), 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.