Total expenses rose 13.75% to Rs 268.34 crore. Cost of material consumed rose 29.39% to Rs 156.34 crore while employee benefits expenses rose 6.31% to Rs 30.82 crore.

For the year, net profit rose 32.74% to Rs 167.18 crore on 31.71% rise in net sales to Rs 1302.63 crore in the year ended March 2022 over the year ended March 2021. EBIDTA rose 18.76% YoY to Rs 277.49 crore in FY22.

The company reported an operating cash flow (OCF) of Rs 172.24 crore in the year ended 31 March 2022, lower than OCF of Rs 199.28 crore in the year ended March 2021.

The board has recommended final dividend of Rs 10 per equity share for financial year ended 31 March 2022.

S B Garware, chairperson and managing director, GHFL said, "Our business initiatives undertaken few years ago with a long-term and in a financially conservative outlook is bearing fruit, and our Company has earned record revenues and profits, despite challenging external environmental factors. In the coming year, we anticipate, our new lamination facility to commence production, and our paint protection film to see increased volume as it has been tested and approved by our major trading partners in USA and Europe."

"GHFL's record results is a testament to our commitment to the manufacturing excellence and innovation, all driven by a dedicated team with a strong commitment to sustain world-class quality standards of our products. We are excited about the opportunities ahead in continuing to build a long-term, and a sustainable value for our stakeholders, said Monika Garware, vice-chairperson and Jt. managing director, GHFL.

The new lamination facility augmenting the copany's window film business having an estimated capacity of about 1,440 LSF p.a. is nearing completion and the company expects to commence commercial production by Q2 FY23.

Garware Hi-Tech Films (formerly Garware Polyester) is the flagship company of the Garware Group. It manufactures Hi-Tech specialty performance polyester Films and has its manufacturing facilities at Aurangabad, Maharashtra, India. It is also the market Leader and India's only manufacturer of Sun control window films for Building, safety, and auto applications.