Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its financial results for the second quarter ended September 30, 2020.
Consolidated Q2 FY21 Highlights:
-
Net Sales increased by 15.4% to Rs268.33cr in Q2FY21 as compared to Rs232.4cr in Q2FY20
-
Profit before tax increased by 32.5% to Rs57.7cr in Q2FY21 as compared to Rs43.5cr in the same quarter last year
-
Net profit after tax has dropped by 4.1% to Rs44.3cr in the quarter as against Rs46.2cr in the corresponding period of FY20.
-
EPS for Q2 FY21 is at Rs20.54; this is a de-growth of 2.8 % over Q2FY20
Consolidated H1 FY21 Highlights:
-
Net Sales decreased by 9.5% to Rs420.7cr in H1FY21 as compared to Rs464.7cr in H1FY20
-
Profit before tax decreased by 6.4% to Rs80.3cr in H1FY21 as compared to Rs85.8cr in the same period last year
-
Net profit (PAT) has decreased by 18.3% to Rs62.0cr in the period as against Rs75.8cr in the corresponding period of FY20
-
EPS for the period is at Rs28.73 in H1FY21; this is a decrease of 17.1% over H1FY20
In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "We were able to register significant top and bottom line growth in Q2 With good demand across both domestic and international markets.
In this quarter, we are happy with the way overall business has picked up and our team’s ability to execute on demand. Profitability across businesses was well supported by a better product mix with high Value added products coupled with New products. Consolidated Cash generated from operations have been significantly better in H1 as compared to last year contributed by overall good working capital management.
Three patents were granted in this quarter which would further strengthen our differentiated solution approach in meeting the demanding application needs of the users of our products. While the PBT in Q2 reflected robust growth over corresponding period of F20, the PAT reflected decline as the company exercised the option to compute the revised effective tax rate of 25.17% in Q2 last year where there was a significant tax reversal."
Garware Technical Fibres Ltd was trading at Rs2,016.05 per piece up by Rs53.2 or 2.71% from its previous closing of Rs1,962.85 on the BSE, at 11:25 am.
The scrip opened at Rs2,030 and has touched a high and low of Rs2,040.45 and Rs1,961 respectively.
Related Tags: