Garware Technical Fibres logs 25% yoy sales growth to Rs304 crore in Q1FY23

8 Aug 2022 , 09:16 AM

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, has announced its financial results for the quarter ended Jun 30, 2022.

Consolidated: Q1FY23 Highlights:

• Net Sales increased by 25% to Rs304.5 crore in Q1FY23 as compared to Rs243.1 crore in Q1 FY22
• Profit before tax decreased by 10.2% to Rs37.1 crore in Q1FY23 as compared to Rs41.3 crore in the same period last year
• Net profit after tax has decreased by 11.7% to Rs28.2 crore in Q1 FY23 as against Rs31.9 crore in the corresponding period of FY22.
• EPS for Q1 FY23 is at Rs13.67 this is a de-growth of 11.7% over Q1 FY22

Vayu Garware, CMD,Garware Technical Fibres Ltd. commented, “The Company logged robust top line growth during Q1FY23. Meanwhile, the quarter also saw a further increase in raw material and input costs, which have been passed through with a lag. Raw material costs, along with a continuing lack of availability of containers to deliver some of our high margin export sales has temporarily affected the margins for Q1FY23. 

Further, delayed shipments have also caused an increase of inventories as of first quarter end which will be carried forward to Q2 sales.

With good movement of export orders as well as a recent softening in the raw material, our company expects to have a positive second quarter in FY23.”

On Monday morning trade, Garware Technical Fibres was currently trading at Rs3,020.90 per share down by Rs3.95 or 0.13% from its previous closing of Rs3,024.85 per share on the BSE.