Sharing his views on the results, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. stated, "Our profit growth in this quarter has been on track at 20%, spurred on by growth in new markets of our international business and more particularly improvement in mix of value added products. The sales value growth was muted primarily due to the continuing sluggishness in the domestic trade channel post GST implementation and higher pre-GST base effect of last year. This is expected to stabilize over the next few quarters. There is a reduction in other income this quarter, of which a significant portion is due to Ind AS mark to market effect on some treasury investments, related to the recent spike in interest rate. This is non-cash and notional in nature."

Performance for 12 months ended Mar 18

For the 12 months ended Mar 18, net sales grew by 5% to Rs 884.61 crore. OPM was up by 210 bps to 18.1% resulting in a 19% increase in OP to Rs 160.49 crore. Other income was up by 111% to Rs 17.93 crore. Interest costs and depreciation was up by 53% and 8% respectively to Rs 9.98 crore and Rs 15.35 crore. After providing total tax of Rs 47.85 crore, PAT for Mar 18 quarter stood at Rs 105.24 crore up by 25% YoY.