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Garware Technical Fibres (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets,consolidated sales fell 34% to Rs 152.39 crore for the quarter ended June20. OPM fell690 basis points to 11.7% which led OP down58% to Rs 17.89 crore.
Other income rose74% to Rs 11.51 crore and interest cost fell 33% to Rs 1.88 core. As depreciation grew 7% to Rs 4.96 crore, PBT fell47% to Rs 22.56 crore.
Tax expense was down61% to Rs 4.88 crore compared to tax expense of Rs 12.62 crore after which PAT decreased 40% to Rs 17.68 crore.
FY 20 consolidated results
In FY20, consolidated sales fell 6% to Rs 953.09 crore. OPM declined 30 basis points to 18.6% which saw OP fell 8% to Rs 177.51 crore.
PBT fell 2% to Rs 178.86 crore. Net profit went up 12% to Rs 140.53 crore.
Management Comments:
Mr. Vayu Garware, CMD,Garware Technical Fibres Ltd. said, Business in Q1 was deeply impacted due to the COVID19 induced lockdown. Manufacturing and sales activities came to a standstill across the country. During the lockdown period, we prioritized the health and wellbeing of our team and their families with strict SOPs and regular communications. We further focused on collection of receivables, reduction of costs and Cash flow. Towards the later part of Q1,manufacturing started in a phased manner. Domestic Market activity remained on a very low scale. We could gradually pick up supplies to the international market and were thereby able to deliver a reasonable result despite the challenges.
The stock trades at Rs 1926.
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