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Garware recognised for V2 net innovation

Mar 01, 2019
Garware recognised for V2 net innovation

Garware Technical Fibres (formerly Garware-Wall Ropes), a leading manufacturer of technical textiles for the Indian and global markets has been awarded with ‘The Economic Times Polymers Awards 2019’ for V2 net in OPEN - Marine Application (SME) Category at an award ceremony held at Hotel Sahara Star, Mumbai recently.

The awards were bestowed upon the winners who excelled in the use of plastics in various categories. On behalf of GTFL, Dr Nikhil Gunari (GM - R&D) and VB Deshpande (AGM – Operations) were present at the ceremony to receive the award.

SV Raut, President - Technical & New Businesses, Garware Technical Fibres said, “Our focus has always been to deliver value added differentiated solutions to our customers worldwide. V2 net is a patented, disruptive technology that allows Fish Farmers to save millions of dollars annually in operational costs and has been highly appreciated by our customers globally. This award is a testimony to our innovative mindset and we will steadfastly continue to deliver innovative application focused solutions to enhance value of our customers.”

‘The Economic Times Polymers Awards’ is a platform created to recognise and celebrate the excellence achieved by Indian plastics processing industry across different segments and honours outstanding performance of the industry leaders across categories.

Garware’s net sales grows by 10.3%

Garware Technical Fibres (formerly Garware-Wall Ropes), a leading manufacturer of technical textiles for the Indian and global markets, has reported the financial results for the quarter and nine months ended December 31, 2018, which were approved by the Board of Directors at their meeting held on February 13, 2019. Q3 FY19 highlights:

  • Net sales grew by 10.3 per cent to Rs. 222.2 crore in Q3 FY19 as compared to Rs 201.5 crore in Q3 FY19
  • Profit before tax grew by 13.2 crore to Rs 36.4 crore in Q3FY19 as compared to Rs 32.2 crore in the same quarter last year
  • Net profit after tax has grown by 14.2 crore to Rs 24.7 crore in the quarter as against Rs 21.6 crore in the corresponding period of FY18
  • EPS for Q3 FY19 is at Rs 11.29; this is a growth of 14.2 crore over Q3 FY18

9M FY19 highlights:

  • Net sales improved by 11.9 crore to Rs 728.3 crore in 9M FY19 as against Rs 650.7 crore in 9MFY18
  • Profit before tax grew by 17.1 crore to Rs 131.3 crore as compared to Rs 112.1 crore in 9M FY18
  • Net profit after tax has grown by 17.5 crore to Rs 89 crore as against Rs 75.8 crore in the corresponding period last year
  • EPS for the 9M FY19 is at Rs 40.68; this is a growth of 17.5 crore over 9M FY18

Speaking on the results, Vayu Garware, Chairman and Managing Director, Garware Technical Fibres, said, “In the third quarter our international and geo-synthetics businesses continued their growth momentum with some strong wins aided by our differentiated solution approach. Recently, we have been granted two patents which have tremendous potential to propel growth in the foreseeable future.”

Garware Technical Fibres, an ISO 14001:2015 and ISO 9001:2015 certified company is a leading player in Technical Textiles specialising 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.