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Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets consolidated sales rose 6% to Rs 235.78 crore for the quarter ended December 2019. OPM fell 50 basis points to 16.1% which led OP up 3% to Rs 38.05 crore.
Other income jumped 10% to Rs 8.17 crore and interest cost fell 14% to Rs 2.95 core. As depreciation grew 15% to Rs 4.98 crore, PBT rose 5% to Rs 38.3 crore.
Tax expense was down 20% to Rs 9.35 crore compared to tax expense of Rs 11.71 crore after which PAT increased 17% to Rs 28.95 crore.
9MFY 2019 consolidated results
In 9MFY2019, consolidated sales fell 4% to Rs 700.53 crore. OPM declined 190 basis points to 17.5% which saw OP fell 13% to Rs 122.35 crore.
PBT fell 6% to Rs 124.08 crore. Net profit went up 18% to Rs 104.83 crore.
Other details
Garware Environmental Services Pvt. Ltd (Subsidiary Company) is yet to commence its commercial operation.
Management Comments:
Sharing his views on the results, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "We have had a comeback to topline growth in the third quarter on the back of timely and excellent execution of projects by our geosynthetic business of tenders won in the first quarter as well as the continued robust performance of our international business. Our international aquaculture business continues to grow with heightened market shares through acquisition of new customers as well as enhanced preference of our differentiated products and solutions. On the innovation front, recently three patents had been granted that would enhance our mission of delivering value to our customers. Q4 looks quite positive with a strong international order book and improved operating leverage."
The stock trades at Rs 1467.
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