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Results
06-Aug-22
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Analysis
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Garware Technical Fibres
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Weak performance
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Garware
Technical Fibres consolidated net sales increased 25.24% to Rs 304.5 crore in
Q1FY23 compared to Q1FY22. Sales of
Synthetic Cordage segment has gone up 31% to Rs 252.44 crore (accounting for
81% of total sales). Sales of Fiber and
Industrial Products & Projects segment was up 3% to Rs 57.31 crore
(accounting for 19% of total sales).
Inter-segment sales came down from Rs 5.45 crore to Rs 5.26 crore
Operating
profit margin has declined from 17.66% to 13.34%, leading to 5.40% decline in
operating profit to Rs 40.62 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
31.37% to 33.36%. Purchase of finished
goods cost rose from 3.94% to 4.31%.
Employee cost decreased from 13.67% to 13.04%. Other expenses rose from 35.67% to
37.02%.
Other
income fell 21.76% to Rs 4.71 crore.
PBIDT fell 7.41% to Rs 45.33 crore.
Provision for interest rose 19.49% to Rs 2.82 crore.
PBDT
fell 8.78% to Rs 42.51 crore. Provision
for depreciation rose 2.47% to Rs 5.39 crore.
Profit
before interest, tax and other unallocable items (PBIT) fell 4% to Rs 43.85
crore. PBIT of Synthetic Cordage segment
rose 2% to Rs 38.89 crore (accounting for 89% of total PBIT). PBIT of Fiber and Industrial Products &
Projects segment fell 34% to Rs 4.96 crore (accounting for 11% of total
PBIT).
PBIT
margin of Synthetic Cordage segment fell from 19.78% to 15.41%. PBIT margin of Fiber and Industrial Products
& Projects segment fell from 13.48% to 8.64%. Overall PBIT margin fell from 18.37% to
14.15%.
Profit
before tax down 10.21% to Rs 37.12 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 8.93
crore, compared to Rs 9.4 crore.
Effective tax rate was 24.06% compared to 22.74%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 11.74% to Rs
28.19 crore.
Promoters’
stake was 52.62% as of 30 June 2022 ,compared to 52.62% as of 30 June 2021
.
In a statement, Mr. Vayu
Garware, CMD,Garware Technical Fibres Ltd. said, "We witnessed a strong top line
growth during the first quarter. However, 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 this quarter. Delayed shipments have also caused an
increase of inventories as of June quarter end. These materials will be carried
forward to Q2 sales.
With
good movement of export orders so far in Q2 as well as a recent softening in
the raw material, we expect to have a positive second quarter in FY23.
We
are also proud that GTFL`s deep connect with its team was independently
recognized by the Great Place to Work@ Institute India. In 2022, GTFL was
ranked 49th amongst India`s best companies to work for, across sectors. There
was a significant increase in our trust index score under this survey".
Full year results
analysis
Net
sales of Garware Technical Fibres have increased 14.97% to Rs 1189.4
crore. Sales of Synthetic Cordage
segment has gone up 17.29% to Rs 1,030.32 crore (accounting for 84.83% of total
sales). Sales of Fiber and Industrial
Products & Projects segment has gone up 5.77% to Rs 184.20 crore
(accounting for 15.17% of total sales).
Inter-segment sales rose Rs 18.04 crore to Rs 25.12 crore.
Operating
profit margin has declined from 19.75% to 18.74%, leading to 9.07% rise in
operating profit to Rs 222.90 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
24.83% to 28.53%. Purchase of finished
goods cost fell from 2.98% to 2.58%.
Employee cost decreased from 14.93% to 12.29%. Other expenses rose from 37.28% to
38.32%.
Other
income fell 26.33% to Rs 25.54 crore.
PBIDT rose 3.93% to Rs 248.44 crore.
Provision for interest rose 2.42% to Rs 10.57 crore. Loan funds declined from Rs 101.81 crore as of
31 March 2021 to Rs 79.57 crore as of 31 March 2022. Inventories rose to Rs 223.93 crore as of 31
March 2022 from Rs 190.42 crore as of 31 March 2021. Sundry debtors were higher at Rs 257.94 crore
as of 31 March 2022 compared to Rs 241.78 crore as of 31 March 2021. Cash and bank balance declined from Rs 57.40
crore as of 31 March 2021 to Rs 40.47 crore as of 31 March 2022. Investments rose to Rs 520.76 crore as of 31
March 2022 from Rs 466.93 crore as of 31 March 2021 .
PBDT
rose 4% to Rs 237.87 crore. Provision
for depreciation rose 3.92% to Rs 21.46 crore.
Fixed assets declined from Rs 242.36 crore as of 31 March 2021 to Rs
235.82 crore as of 31 March 2022.
Intangible assets declined from Rs 4.76 crore to Rs 4.20 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 9.72% to Rs
235.69 crore. PBIT of Synthetic Cordage
segment rose 13.02% to Rs 213.56 crore (accounting for 90.61% of total
PBIT). PBIT of Fiber and Industrial
Products & Projects segment fell 14.40% to Rs 22.13 crore (accounting for
9.39% of total PBIT).
PBIT
margin of Synthetic Cordage segment fell from 21.51% to 20.73%. PBIT margin of Fiber and Industrial Products
& Projects segment fell from 14.84% to 12.01%. Overall PBIT margin fell from 20.41% to
19.41%.
Profit
before tax grew 4.01% to Rs 216.41 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 51.63
crore, compared to Rs 49.67 crore.
Effective tax rate was 23.86% compared to 23.87%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 4.03% to Rs
164.78 crore.
Equity
capital stood at Rs 20.62 crore as of 31 March 2022 to Rs 20.62 crore as of 31
March 2021. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 52.62% as of 31 March 2022 compared to 52.62% as of 31 March 2021
.
Cash
flow from operating activities decreased to Rs 63.85 crore for year ended March
2022 from Rs 228.07 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 14.71 crore, compared to Rs 23.55
crore during the year ended March 2021.
The stock
trades at Rs 3024
Garware Technical Fibres : Consolidated Results
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Particulars
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2206
(03)
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2106
(03)
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Var.(%)
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2203
(12)
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2103
(12)
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Var.(%)
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Net Sales
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304.50
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243.13
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25
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1,189.40
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1034.57
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15
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OPM (%)
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13.3
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17.7
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18.7
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19.8
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OP
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40.62
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42.94
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-5
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222.9
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204.37
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9
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Other Inc.
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4.71
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6.02
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-22
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25.54
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34.67
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-26
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PBIDT
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45.33
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48.96
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-7
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248.44
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239.04
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4
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Interest
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2.82
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2.36
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19
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10.57
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10.32
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2
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PBDT
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42.51
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46.60
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-9
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237.87
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228.72
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4
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Depreciation
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5.39
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5.26
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2
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21.46
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20.65
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4
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PBT
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37.12
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41.34
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-10
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216.41
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208.07
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4
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Taxation
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8.93
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9.40
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-5
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51.63
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49.67
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4
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PAT
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28.19
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31.94
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-12
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164.78
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158.40
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4
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Minority Interest (MI)
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0.00
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0.00
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0
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0
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Net profit
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28.19
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31.94
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-12
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164.78
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158.40
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4
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EPS (Rs)*
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#
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#
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79.9
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76.8
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Notes
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* EPS is on current equity of Rs 20.62 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Garware Technical Fibres : Consolidated Segment Results
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% of (Total)
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2206
(03)
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2106
(03)
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Var.(%)
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% of (Total)
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2203
(12)
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2103
(12)
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Var.(%)
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Sales
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Synthetic Cordage
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81
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252.44
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192.97
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31
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85
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1,030.32
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878.46
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17
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Fiber and Industrial Products & Projects
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19
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57.31
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55.61
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3
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15
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184.2
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174.15
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6
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Total Reported Sales
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100
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309.76
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248.58
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25
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100
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1,214.52
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1,052.61
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15
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Less: Inter segment revenues
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5.26
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5.45
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-3
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25.12
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18.04
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39
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Net Sales
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304.50
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243.13
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25
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1,189.40
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1,034.57
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15
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PBIT
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Synthetic Cordage
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89
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38.89
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38.17
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2
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91
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213.56
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188.95
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13
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Fiber and Industrial Products & Projects
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11
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4.96
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7.49
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-34
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9
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22.13
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25.85
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-14
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Total PBIT
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100
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43.85
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45.66
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-4
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100
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235.69
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214.8
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10
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Less : Interest
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2.82
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2.36
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20
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10.57
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10.32
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2
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Add: Other un-allcoable
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-3.90
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-1.97
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98
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-8.7
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3.59
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PL
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PBT
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37.12
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41.33
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-10
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216.41
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208.07
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4
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Previous News |
Garware Technical Fibres consolidated net profit rises 80.66% in the June 2021 quarter
(
Results
-
Announcements
11-Aug-21
14:55
)
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Garware Technical Fibres to hold board meeting
(
Corporate News
-
24-Nov-20
10:24
)
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Garware Technical Fibres to discuss results
(
Corporate News
-
01-Aug-24
19:35
)
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Garware Technical Fibres to convene board meeting
(
Corporate News
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07-Feb-22
10:04
)
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Garware Technical Fibres standalone net profit rises 24.78% in the March 2019 quarter
(
Results
-
Announcements
01-Jun-19
15:44
)
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Garware Wall Ropes appoints compliance officer
(
Corporate News
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12-Feb-13
16:05
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Board of Garware Technical Fibres approves buyback of shares
(
Corporate News
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23-Nov-20
18:37
)
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Garware-Wall Ropes to hold AGM
(
Corporate News
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12-Aug-15
09:52
)
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Garware-Wall Ropes net profit rises 30.72% in the December 2012 quarter
(
Results
-
Announcements
12-Feb-13
15:46
)
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Volumes jump at Garware Technical Fibres Ltd counter
(
Hot Pursuit
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09-Mar-22
11:00
)
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Garware Technical Fibres consolidated net profit rises 16.57% in the March 2024 quarter
(
Results
-
Announcements
27-May-24
16:40
)
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