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Results
07-Nov-23
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Analysis
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Garware Technical Fibres
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OP up 10%
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Consolidated
net sales of Garware Technical Fibres have declined 7.78% to Rs 328.3
crore. Sales of Synthetic segment has
gone down 7.87% to Rs 281.44 crore (accounting for 84.51% of total sales). Sales of Fiber & Industrial segment has
gone down 5.03% to Rs 51.57 crore (accounting for 15.49% of total sales). Inter-segment sales rose Rs 3.79 crore to Rs
4.71 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 12.57% to Rs
72.61 crore. PBIT of Synthetic segment
rose 12.19% to Rs 63.31 crore (accounting for 87.19% of total PBIT). PBIT of Fiber & Industrial segment rose
15.25% to Rs 9.30 crore (accounting for 12.81% of total PBIT).
PBIT
margin of Synthetic segment rose from 18.47% to 22.49%. PBIT margin of Fiber & Industrial segment
rose from 14.86% to 18.04%. Overall PBIT
margin rose from 17.93% to 21.80%.
Operating
profit margin has jumped from 17.43% to 20.88%, leading to 10.47% rise in
operating profit to Rs 68.56 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
27.36% to 27.62%. Purchase of finished
goods cost fell from 2.80% to 2.16%. Employee cost increased from 12.55% to
14.55%. Other expenses fell from 38.85%
to 35.22%.
Other
income rose 34.04% to Rs 10.08 crore.
PBIDT rose 13.02% to Rs 78.64 crore.
Provision for interest rose 37.01% to Rs 4.22 crore.
PBDT
rose 11.91% to Rs 74.42 crore. Provision
for depreciation rose 14.57% to Rs 6.29 crore.
Profit
before tax grew 11.67% to Rs 68.13 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 15.65
crore, compared to Rs 13.24 crore.
Effective tax rate was 23.00% compared to 21.70%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 9.86% to Rs
52.48 crore.
Equity
capital decreased from Rs 20.62 crore as of 30 September 2022 to Rs 20.38 crore
as of 30 September 2023. Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 52.70% as of 30 September 2023 ,compared to 52.62% as of 30 September
2022.
In a statement, Mr.
VaYLl Garware, CMD,Garware Technical Fibres Ltd. said, "H1 FY 24 has shown a strong
recovery in margins with PBT of 19%, which we expect to maintain going forward.
Profit before tax grew by 28% in H1 FY24 over previous year H1. This good
performance has been driven by improved product mix and growth in new products
in the global aquaculture segment as well as improvement in our domestic
businesses compared to H1 last year. Geosynthetics business continued its
strong growth momentum both on topline and profits. Free Cash Flow from
operations has also improved significantly over previous year H1. Topline
during second quarter was largely impacted due to the pass through of lower raw
material and international logistics costs against earlier periods.
We
hope to continue our profit growth in FY24 vs FY23 in the second half.
For year-to-date (YTD)
results analysis
Net
sales (including other operating income) of Garware Technical Fibres has
declined 0.99% to Rs 653.97 crore. Sales
of Synthetic Cordage segment has gone down 2.79% to Rs 540.96 crore (accounting
for 81.16% of total sales). Sales of
Fiber and Industrial Products & Projects segment has gone up 11.10% to Rs
125.58 crore (accounting for 18.84% of total sales). Inter-segment sales rose Rs 9.05 crore to Rs
12.57 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 24.24% to Rs
134.61 crore. PBIT of Synthetic Cordage
segment rose 20.70% to Rs 115.05 crore (accounting for 85.47% of total PBIT). PBIT of Fiber and Industrial Products &
Projects segment rose 50.18% to Rs 19.56 crore (accounting for 14.53% of total
PBIT).
PBIT
margin of Synthetic Cordage segment rose from 17.13% to 21.27%. PBIT margin of Fiber and Industrial Products
& Projects segment rose from 11.53% to 15.58%. Overall PBIT margin rose from 16.18% to
20.20%.
Operating
profit margin has jumped from 15.55% to 19.39%, leading to 23.46% rise in
operating profit to Rs 126.78 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
30.34% to 28.75%. Purchase of finished
goods cost fell from 3.55% to 2.79%.
Employee cost increased from 12.79% to 14.19%. Other expenses fell from 37.94% to
35.87%.
Other
income rose 59.08% to Rs 19.44 crore.
PBIDT rose 27.25% to Rs 146.22 crore.
Provision for interest rose 45.93% to Rs 8.61 crore. Loan funds rose to Rs 116.16 crore as of 30
September 2023 from Rs 98.32 crore as of 30 September 2022. Inventories rose to Rs 277.92 crore as of 30
September 2023 from Rs 270.48 crore as of 30 September 2022. Sundry debtors were lower at Rs 213.21 crore
as of 30 September 2023 compared to Rs 274.14 crore as of 30 September
2022. Cash and bank balance declined
from Rs 36.52 crore as of 30 September 2022 to Rs 33.73 crore as of 30
September 2023. Investments rose to Rs
663.95 crore as of 30 September 2023 from Rs 510.10 crore as of 30 September
2022 .
PBDT
rose 26.24% to Rs 137.61 crore.
Provision for depreciation rose 13.88% to Rs 12.39 crore. Fixed assets increased to Rs 249.31 crore as
of 30 September 2023 from Rs 236.37 crore as of 30 September 2022. Intangible assets declined from Rs 3.82 crore
to Rs 3.30 crore.
Profit
before tax grew 27.61% to Rs 125.22 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 29.78
crore, compared to Rs 22.17 crore.
Effective tax rate was 23.80% compared to 22.59%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 25.65% to Rs
95.44 crore.
Equity
capital decreased from Rs 20.62 crore as of 30 September 2022 to Rs 20.38 crore
as of 30 September 2023. Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 52.70% as of 30 September 2023 ,compared to 52.62% as of 30 September
2022 .
The stock
trades at Rs 3165
Garware Technical Fibres :
Consolidated Results
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Particulars
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2309
(03)
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2209
(03)
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Var.(%)
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2309
(06)
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2209
(06)
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Var.(%)
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2303
(12)
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2203
(12)
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Var.(%)
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Net Sales
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328.30
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355.98
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-8
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653.97
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660.48
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-1
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1,305.55
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1,189.40
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10
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OPM (%)
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20.9
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17.4
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19.4
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15.5
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17.6
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18.7
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OP
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68.56
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62.06
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10
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126.78
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102.69
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23
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229.54
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222.9
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3
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Other Inc.
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10.08
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7.52
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34
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19.44
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12.22
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59
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27.9
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25.54
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9
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PBIDT
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78.64
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69.58
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13
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146.22
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114.91
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27
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257.44
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248.44
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4
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Interest
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4.22
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3.08
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37
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8.61
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5.90
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46
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11.95
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10.57
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13
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PBDT
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74.42
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66.50
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12
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137.61
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109.01
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26
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245.49
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237.87
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3
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Depreciation
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6.29
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5.49
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15
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12.39
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10.88
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14
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22.31
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21.46
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4
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PBT
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68.13
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61.01
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12
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125.22
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98.13
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28
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223.18
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216.41
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3
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Taxation
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15.65
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13.24
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18
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29.78
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22.17
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34
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50.98
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51.63
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-1
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PAT
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52.48
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47.77
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10
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95.44
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75.96
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26
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172.20
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164.78
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5
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Minority Interest (MI)
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0.00
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0.00
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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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52.48
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47.77
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10
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95.44
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75.96
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26
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172.20
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164.78
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5
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EPS (Rs)*
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#
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#
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#
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#
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84.5
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80.9
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Notes
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* EPS is on current equity of Rs 20.38 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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2309
(03)
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2209
(03)
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Var.(%)
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% of (Total)
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2309
(06)
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2209
(06)
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Var.(%)
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% of (Total)
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2303
(12)
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2203
(12)
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Var.(%)
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Sales
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Synthetic Cordage
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85
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281.44
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305.47
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-8
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81
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540.96
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556.50
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-3
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83
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1,103.87
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1,030.32
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7
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Fiber and Industrial Products & Projects
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15
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51.57
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54.30
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-5
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19
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125.58
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113.03
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11
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17
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222.14
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184.2
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21
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Total Reported Sales
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100
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333.01
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359.77
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-7
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100
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666.54
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669.53
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0
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100
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1,326.01
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1,214.52
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9
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Less: Inter segment revenues
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4.71
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3.79
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24
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12.57
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9.05
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39
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20.46
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25.12
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-19
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Net Sales
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328.30
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355.98
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-8
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653.97
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660.48
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-1
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1,305.55
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1,189.40
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10
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PBIT
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Synthetic Cordage
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87
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63.31
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56.43
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12
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85
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115.05
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95.32
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21
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89
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219.09
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213.56
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3
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Fiber and Industrial Products & Projects
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13
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9.30
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8.07
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15
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15
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19.56
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13.03
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50
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11
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26.4
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22.13
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19
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Total PBIT
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100
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72.61
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64.50
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13
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100
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134.61
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108.35
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24
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100
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245.49
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235.69
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4
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Less : Interest
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4.22
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3.08
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37
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8.61
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5.90
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46
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11.95
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10.57
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13
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Add: Other un-allcoable
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-0.26
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-0.41
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-37
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-0.78
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-4.32
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-82
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-10.36
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-8.7
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19
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PBT
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68.13
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61.01
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12
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125.22
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98.13
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28
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223.18
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216.41
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3
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