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Garware Technical Fibres net profit after tax increased by 17% in Q2 FY23

"In Q2FY23, we were able to provide a strong operational performance. With the export supply chain issues alleviated, sales increased by 26% and operational EBITDA increased by 22% compared to Q2FY22.

Galware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a premier maker of technical textiles for the Indian and global markets, today published its unaudited financial results for the three and six months ended September 30, 2022.

Consolidated: Q2 FY23 Highlights:

  • Net sales climbed by 26.3% to Rs. 355.9 Cr in Q2FY23, from Rs. 281.8 Cr in Q2FY22. Profit before tax improved by 15.5% to Rs. 61.0 Cr in Q2FY23, from Rs. 52.8 Cr in the same time last year.
  • Net profit after tax increased by 16.8% to Rs. 47.7 Cr in Q2 FY23, compared to Rs. 40.8 Cr in the same time in FY22.
  • EPS for Q2 FY23 is Rs. 23.17, representing a 16.8% increase over Q2 FY22.

Consolidated: HI FY23 Highlights:

  • Net sales climbed by 25.8% to Rs. 660.4 Cr in H1FY23, from Rs. 524.9 Cr in H1FY22. Profit before tax increased by 4.2% to Rs. 98.2 Cr in H1FY23, from Rs. 94.1 Cr in the same period last year.
  • Net profit after tax increased by 4.3% to Rs. 75.9 Cr in H1 FY23, compared to Rs. 72.8 Cr in the same period in FY22.
  • EPS for H1 FY23 is Rs. 36.84, a 4.3% increase over H1 FY22.

Management Comments:

“In Q2FY23, we were able to provide a strong operational performance. With the export supply chain issues alleviated, sales increased by 26% and operational EBITDA increased by 22% compared to Q2FY22.

In Q2, we were also able to restore margins to near-normal levels. PBT increased to 17.1% of sales in the second quarter of FY23, up from 12.2% in the first quarter. Despite increased inventory expenses carried forward from the previous quarter, as well as ongoing higher export freight costs in Q2 FY23, this was the case. The reduction in raw material costs and freight rates from the previous quarter’s levels could be beneficial in the second half of the year.”

Mr. Vayu Garware, CMD of Garware Technical Fibres Ltd.,

About Garware Technical Fibres Ltd

Garware Technical Fibres Ltd. (previously Garware-Wall Ropes Ltd.), an ISO 14001:2015 and ISO 9001:2015 certified firm, is a market leader in Technical Textiles that specialises in offering tailored solutions to customers all over the world.

The company is known around the world for its applied innovation in sports, fisheries, aquaculture, shipping, agriculture, coated fabrics, and geo-synthetics.

This article was shared with Prittle Prattle News as a Press Release.

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